Bloomberg reported physical iron ore with 62 percent content at the Chinese port of Tianjin jumped 6 percent yesterday to $110.40 a ton.
As quoted in the market news:
The Steel Index Ltd. Markets in China, Australia’s biggest trading partner, reopened yesterday after national holidays last week.
Euro-area finance ministers yesterday declared the 500 billion-euro ($649 billion) European Stability Mechanism operational, while saying that Spain, its biggest potential near-term customer, isn’t on the verge of tapping it. Ministers from all 27 nations in the European Union will convene in Luxembourg today.