Iron ore prices are not expected to show any significant decline in the short term, said Şevkinaz Alemdar, Turkish integrated steel group Erdemir's purchasing coordinator, at the 8th SteelOrbis Turkish Steel Market Conference held in Istanbul on November 29. Mrs. Alemdar told the attendees that, though the growth rate in Chinese steel production remains below the country's economic growth rate, even slight increases in steel production rates will provide support iron ore prices at current levels. She also said that higher prices are also being maintained due to the lack of new players on the iron ore supply side.
Mrs. Alemdar said that Chinese steel production this year was higher than expected, adding that the country managed to sell the steel it produced. The rise in steel supply and demand in the country also kept iron ore prices at an average of $135/mt, higher than expectations of $100/mt.