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Iron ore set to rise 10 percent

Reuters | Tue, 24 Nov 2009 10:12
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[miningmx.com] -- KUMBA Iron Ore (KIO) on Tuesday said there is consensus of a 10% increase in iron ore prices next year.

This comes after this year's average settlement at a discount of up to 45% on some iron ore products.

Kumba Iron Ore CEO, Chris Griffith, told media attending a site visit that analysts expects prices to rise by an average of 8.6% - balanced between lump and fines – next year.

This was echoed by Nanjing Iron & Steel Group CEO Yang Siming, who conceded that the benchmark iron ore price for 2010/11 could rise by 5% to 10%.

Kumba said it expected exports to reach 34 million tonnes in 2009 after exports reached over 24 million tonnes of iron ore in 2008.

China, which under normal conditions acquired 60% of Kumba's exports, has this year picked up as much as 80% of its exports as demand from Europe all but froze up in the wake of the global economic slowdown.

Europe traditionally makes up about 20% of Kumba's exports.

Griffith said spot iron ore prices were currently at around $100 a tonne while it received a landed price of about $70 a tonne.

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