Global supply and demand conditions for iron ore may reverse sooner than expected after years of long investment frenzy.
Baosteel Group chairman Mr Xu Lejiang was quoted as saying by the Shanghai Securities News that "In the last decade, iron ore has turned into a crazy stone from an ordinary stone.”
Mr Xu said that the current cycle was coming to an end and massive investment over the past 10 years would soon translate into an iron ore supply surge.
Mr Xu also predicted a sharp decline in iron ore prices amid a severe supply glut.
Australia Newcastle steam coal on uptrend last week
Steam coal prices at Australia’s Newcastle port, an Asian benchmark, increased 0.7% last week.
According to the globalCOAL NEWC Index, steam coal prices at the New South Wales port rose to USD 122.27 per tonne from USD 121.48 the previous week,
( source: www.steelguru.com )