According to Mr Yang Siming, chairman and CEO of Nanjing Steel Group, the benchmark iron ore price for fiscal 2010 is likely to gain 5% to 10% as iron ore miners still take the lead over the supply and demand chain.
He said that nevertheless, the picture may be changed in a few years if foreign iron ore projects invested by Chinese companies start commercial production which would drag down the iron ore price sharply.
Source: Steel Guru
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