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The Atlas Iron Limited share price jumped 7% today

In morning trade the Atlas Iron Limited (ASX: AGO) share price has been one of the biggest movers on the market with a 7.7% gain to 1.4 cents.

This will be a welcome relief to shareholders who have had to watch on as the iron ore producer’s share price lost half of its value in 2017.

As you might expect, the iron ore price has been instrumental in both today’s gain and its sizeable decline this year.

The spot price for the benchmark 62% fines rose 1.5% to US$55.23 a tonne overnight, according to Metal Bulletin.

Whilst this makes it two consecutive days of gains for the base metal, it is still down significantly from its highs.

During the last quarter Atlas Iron had a full cash cost of $56 (US$42) per wet metric tonne, far higher than rival Fortescue Metals Group Limited (ASX: FMG) which is one of the lowest cost producers in the world.

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