With the annual iron ore price talks getting closer and with the main overseas ore suppliers pushing for price increases, Ma Gouqiang, the president of Chinese steel giant Baosteel, has said he does not think iron ore prices will rise next year.
"It is the supply and demand relationship that actually decides the prices," Mr. Ma commented, stating that most leading Chinese mills are close to incurring losses in a context of slumped global steel output and falling steel prices, and that this will curb the possible margin of increase of iron ore prices.