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Is BHP Billiton Limited on its way to a 52-week high?

BHP Billiton Limited (ASX: BHP), Australia’s second-largest iron ore miner, has risen 10c or 0.3% today as the commodity’s price tag progressed slightly higher overnight.

Iron ore, which fell below US$90 a tonne for the first time in nearly two years recently, has made slight progress over the last week or so. It climbed 0.4% overnight and is now trading at US$93.70 per tonne.

Although it is still nearly 31% below its average 2013 price, the recent jump in price has surely boosted investors’ confidence in the sector. In fact, a number of Australia’s smaller iron ore miners, including Arrium Limited (ASX: ARI) and Atlas Iron Limited (ASX: AGO), are amongst the S&P/ASX 200 Index’s (Index: ^AXJO) (ASX: XJO) top-performing stocks today. They are up 3.1% and 4.9% respectively.

Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) have also risen strongly with the stocks up 1.1% and 2%.

Although BHP Billiton is still well below its 52-week high ($39.79), it could certainly challenge that price if iron ore does continue to make a recovery. With its fully franked 3.5% dividend yield, it’s certainly a stock to watch…

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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