Iron ore prices could spike 35%
By Purchasing Staff -- Purchasing, 8/29/2007 2:10:00 PM
A new report from RBC Capital Markets says that iron ore prices could rise as much as 35% in the next year due to booming demand from steelmaking regions in Asia. “Demand, particularly from China, has continued unabated, while supply from almost every producer remains constrained,” the RBC analysts said in the report, which was reported by Bloomberg. According to the Bloomberg report, RBC's forecast is on the high end of similar revisions by brokerages in the past three months. UBS AG in July raised its iron ore price forecasts to a 25% gain in 2008, up from 10%, while Goldman Sachs JBWere on Aug. 24 raised its forecasts to a 30% gain, from 9%.
In July, Purchasing.com reported that increased Chinese iron ore demand could trigger a shortage.
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