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Iron Ore Prices Extend Gains but Correction Expected
Feb. 16, 2011 01:58PM PST
Base Metals Investing
Reuters Africa reports that some global iron indexes reached new highs, but a price correction is likely.
Reuters Africa reports that some global iron indexes reached new highs, but a price correction is likely.
The market news is quoted as saying:
Restocking by domestic steelmakers after the week-long Lunar New Year holiday in early February pushed iron ore prices 5 percent higher than the end of January, bringing the three major indexes to new highs on Tuesday.
