"Fortescue Metals Group Ltd. Chief Executive Nev Power said Wednesday that global iron ore prices have bottomed after recent falls in spot prices for the steel-making commodity.
"We've seen the iron ore price now turn, with the Platts Index back to US$131 today and that's shown the iron price has bottomed out at around US$115 a ton and has climbed back up," Power told reporters after the company's annual meeting.
Fortescue, the world's fourth-largest iron-ore miner by output, expects to see continued strong demand out of China, and continued strong iron ore prices. "
http://www.marketwatch.com/story/fortescue-metals-ceo-iron-ore-price-has-bottomed-2011-11-09
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