Posted on 22 Jun 2009
The price of iron ore had constantly gone up in the past seven years, but it recently dropped for the first time.
As the engineering and car industries are currently in the deepest depression ever since the Second World War, the Japanese and Korean steel mills cut the price of iron ore by 33 percent.
On the other hand, China's demand is strong enough to make up for the overall global demand; therefore, a Goldman Sachs analyst predicts that the global seaborne trade is going to rise by 11 percent and the total amount of production is likely to reach approximately 900 million tons in 2010.
