Bloomberg reported that the prices of iron ore could likely drop between $5 and $10 as it nears its highest level since October 2011, discouraging China buyers.
As quoted in the market news:
Iron ore has surged 82 percent from the lowest price since 2009 in September to $158 a dry ton as China’s growth accelerated and port inventories dropped to the lowest level in more than three years. Mills in China, returning from Lunar New Year holidays, may not boost stockpiles as much as anticipated because of the cost of imports relative to domestic supply, Arctic Securities ASA and RS Platou Markets AS said yesterday.
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