re: fe prices set to rise Chinese have conceded a 10% rise - looks good for 2006
CHINA'S abandoned attempt to talk down iron ore prices has increased expectations that Australia's $18 billion iron ore industry is about to secure another substantial price increase in contract prices.
China's acknowledgement that prices might need to rise 5-10 per cent came amid unconfirmed reports that European steel mills were prepared to accept a 12-15 per cent price increase.
Leading Pilbara iron ore producer Rio Tinto fed the expectation that a 10-15 per cent price was likely when it said it expected benchmark prices would now be settled quickly and at a premium to last year's prices.
Rio's iron ore chief executive, Sam Walsh, said yesterday the iron ore market was extremely tight and that the Chinese had recently shifted to accepting a price increase
investor presentation good read!!, page-6
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