Recent trade data from China provided both optimistic news for Canadian iron ore producers and a blow to the exalted reputation of one of the world’s most prominent hedge fund managers.

The Chinese Customs Administration reported on Wednesday that the country experienced a sharper-than-expected jump in iron ore imports in December, providing further evidence that their domestic economy is recovering. Between January and November 2012, China’s iron ore imports averaged 61.3 million tonnes per month. The numbers for December, however, showed a sharp rebound to 70.9 million tonnes.