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In the past month, the world’s top three iron ore producers have turned their decades-old annual pricing mechanism into a quarterly pricing contract in spite of opposition from buyers.
According to the report, Ian Christmas, the Director-General of the World Steel Association, said that the anticipated price increase may have a negative impact on the timing of the industry's expected steel demand growth.
“Especially in major developed countries, the recovery in steel demand this year may be very fragile, and many steel makers still feel vulnerable.†Christmas said. "The substantial increase in the price of such an important part of the cost is a very unhelpful factor."
Sharp increase in iron ore prices may inhibit the recovery of the steel industry
The Financial Times reported on Wednesday that if iron ore prices increase by 80-100% this year, the recovery of the iron and steel industry may be seriously hurt. The steel industry is 500 billion U.S. dollars a year, and iron ore is the main raw material for steel manufacturers.