According to the UBS forecast, iron ore prices in contract 2010 can grow by 20 % against the sustainable and increasing demand from Chinese consumers.
Mr Andrew Snowdowne the bank analyst said “UBS is sure that the consumption in China will remain stable in 2010.”
He said that the prices will grow by 20%. His forecast is based on the Chinese forecasts which say that the prices will grow by 10% at the same The Big Three intend to raise the prices by 30%. He added that Chinese steel industry remains strong, profitable, and recovers after crisis much faster than other regions.