Iron Ore Prices May Rise 30% to 50% From July, China Steel Says May 18, 2010, 3:22 AM EDT By Chinmei Sung
Iron Ore Prices May Rise 30% to 50% From July, China Steel Says Vale SA, BHP Billiton Ltd., and Rio Tinto Group may demand a 30 percent to 50 percent increase in the prices of iron ore in the July quarter, taking advantage of rising demand from steelmakers, according to China Steel Corp.
The forecast is an opinion, Taiwans largest steelmaker said in an e-mail reply to queries, confirming earlier comments made by President Tsou Jo-chi to Reuters. The Kaohsiung-based company didnt give other details.
Vale and Melbourne-based BHP, the largest- and third- biggest exporters of iron ore, this year abandoned a 40-year tradition of setting prices annually in favor of quarterly contracts, with the Brazilian mill winning a 90 percent increase. Steelmakers have to raise prices to pass on the higher costs, the World Steel Association said this month.
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