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China to Take Iron Ore Pricing Power From Miners, Banga Says

China will take control of iron ore pricing in the next two years as rising supplies of the steelmaking commodity return bargaining power to buyers, former Noble Group Ltd. Vice Chairman Harry Banga said.

Prices of the second-biggest seaborne commodity will drop to $95 to $110 a metric ton, said Banga, who in May started The Caravel Group Ltd. Iron ore traded at $135.90 a ton at the Chinese port of Tianjin yesterday.