Sunday, 09 Oct 2011
Commodity Online recently reported that the iron ore price in the international market is likely to remain above USD 150 per tonne till 2020 as the demand from the world’s largest consumer, China, remains firm. The decline in India exports is also providing strength to international iron ore prices.
Research consultant, Wood Mackenzie said in July that Chinese construction spending won’t slow down until 2020 which will keep spot prices of iron ore above USD 150 per tonne through 2015, Mining.com reported.
According to Rio Tinto, Vales and BHP Billiton, who controls more than 70% of the world Iron ore production, the demand for the commodity from China is expected to reach 1 billion by 2015 which is 60% more than 2010.
(sourced from commodityonline)
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