Iron ore prices set to continue their upward pressure

The Financial Times reports that analysts expect iron ore prices to rise as much as 25% from the first to the second quarter.

One of several examples of increasing price pressures:

“Contract prices for the second quarter, which are based on the average spot market price from December to February, are set to rise to about $170 a tonne for Australian iron ore, excluding freight costs. That is 40-45 per cent higher than the same quarter in 2010 and nearly triple the $61 price in place until March 2010 under the old annual benchmark pricing system.”

See “Record iron ore prices loom” for more details.

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