China's steel industry association expects foreign miners to call for a 20-30 percent increase in benchmark iron ore prices in 2010, the official China Securities Journal reported on Wednesday.
Luo Bingsheng, vice-chairman of the China Iron and Steel Association (CISA), told the newspaper that the proposed price rises would complicate negotiations with Rio Tinto and BHP Billiton of Australia and Vale of Brazil.
Luo told the newspaper that prospects for the Chinese steel industry in 2010 were much better than this year, with crude steel demand likely to increase by another 60 million tonnes.
CISA said last week that total crude steel output for 2009 was expected to reach 565 million tonnes.
Source: Reuters
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