Daily iron ore price update (cut schmut)

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Here are the iron ore price charts for March 2, 2015:

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Qingdao lifted a touch but benchmark fell 20 cents to $62.80. Paper was very cynical, quite rightly, about the Chinese rate cut. Singapore 12 month swaps are on right at the verge of breaking down and Dalian still has a bearish descending triangle pattern. In another hit to the bulls, port stocks rose 3 million tonnes over the Chinese holiday period to nearly 100 million tonnes. At least rebar average has bottomed for now.

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In news, India has jacked iron ore and coke import tariffs from Platts:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.