Iron Ore Prices May Spike Higher Than Expected

Reuters reported that Australian miners are seeking a 40% increase in contracted iron ore prices for 2010. This is in stark contrast to the 20-30% increase that the China Iron and Steel Association expected for 2010. The differential could lead to more contentious price negotiations – similar to what occurred at the beginning of 2009 – especially given some nervousness about whether steel demand will continue to increase robustly this year.

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