Posted on 24 Jun 2010
Iron ore prices will increase an average of 12.4 percent in 2011 after a 93.5 percent jump this year supported by demand for steel in
Iron ore will average $126.70 a metric ton in 2011 from $112.70 a ton this year, analyst Peter Richardson said in a report dated today. Prices of steelmaking coal will rise 52 percent this year to $196 a ton, the report said.
“Continued growth in Chinese steel production in 2010 to an estimated level of 621 million tons and a revival of demand in the traditional centers of the seaborne iron ore market have put strong upward pressure on available supplies,” the report said. “
The price of iron ore arriving at Chinese ports stood at $143.80 a ton yesterday according to the Steel Index. It has climbed 21 percent this year.
