China Steel Group Executive Expects Decline in Iron Ore Price
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The recent speculation-driven surge in the value of iron ore is unsustainable and the trend will be reversed when the market settles, a senior executive at China’s top industry body said.
“Iron ore prices will be in a downward trend as the market digests and materializes price speculation,” Luo Tiejun, a vice chairman of China Iron and Steel Association, said at Mysteel Global’s annual conference in Shanghai on Saturday, according to a transcript of his address. He made the comments when outlining the outlook for next year.