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| Iron ore price negotiations - JPMorgan hikes forecast to 65pct - 16 Mar, 2010 | ||
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According to JPMorgan Chase & Co, contract iron ore prices may rise 65%in 2010 amid stronger than expected demand from steel mills in China. Mr David George an analysts of JPMorgan in a March 12 report said that the steelmakers may pay 159 cents a dry metric ton unit in the financial year beginning April 1st 2010 from 97 cents this year. That compares with their earlier forecast for a 20 percent gain. JPMorgan’s George said in the report said that "Chinese steel production has surprised post crisis and continues at a pace fast enough to drive up demand for steel raw materials, while the rest of the world is still in recovery mode." (Sourced from Bloomberg.net) | ||
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