January 23, 2008
Iron ore price negotiations –Credit Suisse sees 55% hike
Credit Suisse's theoretical iron ore supply and demand model suggests that 2007 ended short by about 25 million tonnes when seaborne trade totaled about 790 million tonnes.
Credit Suisse said that "We are estimating another deficit of about 20 million tonnes to 25 million tonnes in 2008 against seaborne trade of about 870 million tonnes.”
It said “We are revising our iron ore price curve as a result of continued tightness of iron ore markets and rising bullishness among suppliers. We are raising our forecast price rise for 2008 to 55% up from 35%.”
It added that “We are also raising out 2009 forecast to 20% up from 10% and maintain our long term price of USD 50 per tonne."
now you know why noble and mk want wvl, page-2
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