Fortescue Metals Sees Iron Ore Demand Increasing on China Urbanization

According to Bloomberg, Fortescue Metals Group (ASX:FMG) chairman Andrew Forrest believes that long term iron ore demand is set to rise on the back of widespread urbanization in China.

As quoted in the publication:

About 600 cities in China, each of about 10 million people, will be constructed over the next 30 years, Forrest said in a Bloomberg Television interview today. While there’ll be so-called dips and roundabouts, the curve will be upward, he said.

Click here to read the full Bloomberg article.