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London Mining chief: iron ore prices to stay at high level until 2015
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Graeme Hossie, the chief executive of London Mining said that the iron ore prices would remain at high level until 2015 due to strong demand from China.
He added that the iron ore production was not supplied as fast as China’s rapid rate of urbanization which continues to drive the demand for iron ore.
It’s known that the spot iron ore prices to China have surge to US$170~US$180/ton despite of the current uncertainty in the global economy.
Mr. Graeme predicted that the iron ore prices would remain above US$150/ton over the next four years.
However, he indicated that the iron ore producers might face difficulty to find the fund to develop the projects due to the uncertain economy.
Meanwhile, market participants said that the iron ore supplier might face higher costs as the projects are located in more remote regions which require higher infrastructure investments.
News Date
8/31/2011 10:21:44 AM
reported by
WilliamYuan
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