Iron ore price increases until 2011?Australia miner sees 4-year bull run for iron ore
Wednesday October 3, 2007, 5:58 pm
By James Regan
SYDNEY, Oct 3 (Reuters) - Australian iron ore prospector Centrex Metals Ltd CXM.AX, backed by Chinese steel mills, on Wednesday said the upward trend in ore prices was set to continue for another four years.
"The supply imbalance will not be rectified until around 2011," Centrex Managing Director Gerard Anderson said.
Anderson's prediction doubles the timeframe set out by another Australian prospector, Fortescue Metals Group Ltd (ASX: FMG.ax) Chief Executive Andrew Forrest, who recently said the up trend had only a further two years to run.
Iron ore prices have risen for five straight years, helped by strong demand from expanding steel mills in China, sparking a battery of new mining entrants in Australia, including Fortescue and Centrex.
Broker UBS is forecasting a 25 percent rise iron ore prices for the shipping year starting April 1, 2008.
Source:
https://au.biz.yahoo.com/071003/19/1fctc.html