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.

Click here to read the full Bloomberg report.