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Print[Ferro-Alloys.com] Australia's Fortescue Metals Group expects iron ore prices to rise back to USD120 to USD150 per tonne in the short to medium term as Chinese demand returns, its chief executive said on Thursday.
New Power's comments come as iron ore prices have sunk to their lowest levels since December 2009 on worries about Chinese growth. "China is still growing at 7-8% and we see no change in the fundamentals of that," Power told a media conference call.
"In the short term we have see an over-run of steel supply capacity, and that has driven a reduction in steel price. We expect to see iron ore prices return to the USD120 to USD150 range in short term to medium term." He said.
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