Monday, 13 June 2011 11:08:45 (GMT+2)
Indian iron ore miners have predicted that, due to slower demand and the upcoming monsoon season, iron ore prices will probably decline by 10-15 percent in the coming two months.
During the monsoon season, mineral exploration and deliveries in most Asian countries are expected to be negatively hit by heavy rainfall, which may lead to a reduction of 70-80 percent in demand for Indian iron ore.
R K Sharma, secretary general of the Federation of Indian Mineral Industries (FIMI), said that, despite the Indian Supreme Court ordering a lifting of the ban by Karnataka state on iron ore exports, there has been no great increase in iron ore export activities mainly due to the weakening of demand from Chinese buyers.
(sourced steelorbis)
Tags: iron ore , China , India , raw mat , Far East , South Asia , East Asia and Pacific , Southeast Asia , Indian Subcon , steelmaking
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