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Chinese Steel Mills to See 70% Rise in Raw Material Costs
Feb 26,2010 16:38CST
data analysis

BEIJING, Feb. 26 -- There will be a significant increase in steel prices in the next few months as Chinese steel mills could see a surge of 70% or more in the prices of raw materials, said an insider from a large Chinese steel company.

The insider said that China's iron ore contract price talks with the world's leading suppliers have entered the final stage and that the suppliers have asked an increase of between 70% and 80% in the price of iron ore and an increase of between 80% and 100% in the price of coke.

The average price of imported iron ore was US$79.8 per ton in 2009, down 42% year on year, and the value of imported iron ore was US$50.51 billion in total last year, according to statistics released by the General Administration of Customs earlier.

The country imported 627.78 million tons of iron ore last year, 41.6% more than the 443.45 million tons it imported in 2008, due to increasing demand for the mineral.



iron ore
raw material

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