Daily iron ore price update (no go RIO)

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Futures are going nuts as we head into the Chinese New Year break with 12 month swaps up nearly 5% and Dalian futures up over 2% yesterday:

ore1 ore2 ore3 ore4

The physical market is not as ebullient.

Not content with yearly highs on spot prices, Rio Tinto is pushing its weight around the market again with its pricing system for steel mills in China. From Mining Weekly:

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