Daily iron ore price update (port crunch)

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Here are the iron ore price charts for May 11, 2015:

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2 3 4

We have ourselves a little divergence. Spot was strong again with Tianjin benchmark jumping 3.3% to $62.50. Paper markets are less enthusiastic with Dalian up but struggling to make new highs and sitting at 441 this morning. Singapore is also dancing on the spot. Rebar average continues to sneak up on record lows.

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Reuters has texture:

The latest rate cut, announced on Sunday, was expected to curb borrowing costs and ease pressure on Chinese steelmakers with huge debt, said Helen Lau, analyst at Argonaut Securities in Hong Kong.

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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.