A nearly 20% price spike in iron ore this week was found to be the result of a flower show in the industrial city of Tangshan, The Financial Times reported. In an effort to reduce pollution for an international horticulture exhibition, the city will shut down steel mills from late April to October. Local authorities had the mills temporarily increase production over the weekend, causing an iron ore buying rush. Iron ore prices are up 70% from December, turning expectations of a price slide in the wake of the slowing economy on their head—though for how long remains uncertain.
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