Posted on 24 Oct 2007
In the face of every strengthening demand, the steel industry is bracing for a big hike in iron ore prices, the sixth straight year of such price increases.
With coking coal prices also rising, steel producers are likely to pass on at least some of the cost to steel consumers.
With strong Chinese and global demand for steel, slowing Chinese steel production and lower than forecast South American ore production, iron ore prices may rise as much as 50 percent in 2008, said some analysts.
