BEIJING, Feb. 23 /PRNewswire-Asia/ -- Frbiz.com, one of China's leading B2B search platforms, predicts iron ore price will rise.
After several months of frenzied imports, iron ore imports are slowing down. In January of 2010, China imported 46 million tons of iron ore, a year-on-year increase of 43%, but down 25% from the previous month.
In December, 2009, China's iron ore ( http://frbiz.com/catalog-34000000-1/Hardware.html ) imports have been the second highest level in history. Iron ore spot prices in December of last year and in January of this year were very high, 137 U.S. dollars / ton at the highest point reached.
Frbiz analyzes that factors contributing to the rise in the prices of iron ore include Chinese demand soaring, steel spot prices rising, India's new export tariffs being imposed, and the picking up of European demand. Frbiz forecasts that in the next few months, iron ore prices may rise sharply, and it is expected that China's steel production will increase for at least 20 years. The spot market is now a deep and liquid market, and China requires iron ore in order to speed the faster-than-expected recovery from the downturn in global demand.
Frbiz forecasts Chinese steel production will be twice the current level in 20 years.
The future of commodities depends on the demand of China. From the current point of view, China's industrial production has also returned to double-digit growth.
About Frbiz.com
Frbiz.com is a promising e-commerce company and a leading vertical search engine company in China. Frbiz.com offers a variety of high quality products such as Motorola cell phones (http://www.frbiz.com/q-cell_phones_motorola/ ), energy saving bulbs (http://www.frbiz.com/q-bulbs_energy_saving/ ), 10-inch laptops (http://www.frbiz.com/q-10_laptop/ ) and many more.
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SOURCE Frbiz.com
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