Iron ore prices enjoyed their biggest one-day jump since October 2012, rising 5.9% to more than $54/metric ton - still near 10-year lows - after BHP Billiton (NYSE:BHP) announced it is slowing the pace of its expansion program. Analysts say the decision will lower BHP's capex profile over the next few years to preserve free cash flow to support the dividend and balance sheet, and could deflect some of the negative public commentary about surplus supply.
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