Territory Resources sees iron ore contract prices down by 30-35%
Australian miner Territory Resources Ltd said iron ore benchmark contract prices are seen to fall by 30-35 percent to reflect slump demand during the global recession.
In addition, BHP Billiton and Rio Tinto think iron ore prices is supposed to be settled down between 30 and 35 percent below the agreed rates of last year.
Currently, BHP and Rio Tinto are suspended to negotiations with North Asian customers over iron ore prices. The latest expectation contract for iron ore prices to fall 30 percent this year is a big surprise and more than 20 percent fall of previously forecasting.
However, those miners have an expectation in common that Chinese demand would pick up after Chinese government economic stimulus measures take effect.
Report by Yieh Corp
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