Day Trading & Forex Forum

metalbiz888

Although the source noted that Vale, BHP Billiton and Rio Tinto will require increasing 30%-35% for the iron ore price of 2010-2011, China’s domestic insiders believed that the next year’s ore price will slightly fluctuate based on the current price and not present significant adjustment.

Due to the reverse of buyers and sellers market, market produced differences with the price for next year. In the past several years, the international market usual reach a common ground on the price up or down every year and only exists controversy in decreasing or increasing extent.

Previously Goldman Sachs, Merilyn Securities, UBS, JPMorgan and other international investment banks also predicted successively that the long-term contract price of global iron ore may increase 10%-20% in 2010.

According to the expansion plans of mining enterprises, international mining industry insiders estimated that the global iron ore will oversupply 300-400mln tons in 2010, which is the largest forecasting since 2002.

Shan Shanghua, general secretary of China Iron & Steel Association (CISA) told reporters said “in the following years, the international iron ore market will present the situation of oversupply and the market will be dominated by buyers rather than sellers”.

For more information please click: chinametalbiz.com