Although insiders generally thought the buyers’ market of iron ore would come sooner or later, but they didn’t predict that the result had approached in such a prompt and severe speed due to U.S. subprime mortgage crisis.
Affected by the ongoing financial crisis, steel production radically declines, as well as the large-scale concentrated release of iron ore investment previously, the buyers’ market of iron ore has come in the third quarter of 2008.
According to the statistics data from EconStats, iron ore price in international market had rapidly decreased from the peak of $183 per ton in July, 2008 to $71 per ton in November. However, analysts thought latter iron ore demand would continue to slump, iron ore price would keep sinking, and the poor situation would last for 3-5 years.
Buyers’ market of iron ore coming
On Jan.15, on the symposium of 2009 iron ore import held by China Iron & Steel Association (CISA), Wu Xichun, the consultant of CISA pointed out that global iron ore was bound to oversupply in 2009, as bulk commodity’s prices general sank, global iron ore demand sharply declined, and iron ore and steel products demand from China continued to plunge. For further info visit chinametalbiz.com
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