Iron Ore Price to Increase Average of 12.4% Next Year, Morgan Stanley Says-Shanghai Metals Market

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Iron Ore Price to Increase Average of 12.4% Next Year, Morgan Stanley Says

Industry News 10:37:25AM Jun 23, 2010 Source:SMM

Jun 22, 2010  (Bloomberg) -- Iron ore prices will increase an average of 12.4 percent in 2011 after a 93.5 percent jump this year supported by demand for steel in China, emerging and developed markets, Morgan Stanley said.

Iron ore will average $126.70 a metric ton in 2011 from $112.70 a ton this year, analyst Peter Richardson said in a report dated today. Prices of steelmaking coal will rise 52 percent this year to $196 a ton, the report said.

"Continued growth in Chinese steel production in 2010 to an estimated level of 621 million tons and a revival of demand in the traditional centers of the seaborne iron ore market have put strong upward pressure on available supplies,"the report said. "China's industrialization and emerging market growth continue to power demand for all types of steel."

The price of iron ore arriving at Chinese ports stood at $143.80 a ton yesterday according to the Steel Index. It has climbed 21 percent this year.
 

Key Words:  iron ore 

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Iron Ore Price to Increase Average of 12.4% Next Year, Morgan Stanley Says

Industry News 10:37:25AM Jun 23, 2010 Source:SMM

Jun 22, 2010  (Bloomberg) -- Iron ore prices will increase an average of 12.4 percent in 2011 after a 93.5 percent jump this year supported by demand for steel in China, emerging and developed markets, Morgan Stanley said.

Iron ore will average $126.70 a metric ton in 2011 from $112.70 a ton this year, analyst Peter Richardson said in a report dated today. Prices of steelmaking coal will rise 52 percent this year to $196 a ton, the report said.

"Continued growth in Chinese steel production in 2010 to an estimated level of 621 million tons and a revival of demand in the traditional centers of the seaborne iron ore market have put strong upward pressure on available supplies,"the report said. "China's industrialization and emerging market growth continue to power demand for all types of steel."

The price of iron ore arriving at Chinese ports stood at $143.80 a ton yesterday according to the Steel Index. It has climbed 21 percent this year.
 

Key Words:  iron ore