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SCMP reported that the mainland will take control of iron ore pricing in the next 2 years as rising supplies of the steelmaking commodity return bargaining power to buyers.Mr Harry Banga former vice chairman of Noble Group said that prices of the second biggest seaborne commodity would fall to between USD 95 and USD 110 per tonne. The product traded at USD 135.90 per tonne at Tianjin port.Goldman Sachs said that mine expansions by producers including Rio Tinto and BHP Billiton would push the market into a surplus next year and the 82 million tonne glut would be the most since at least 2008.Mr Banga said that the shift in bargaining power might also spur an expansion of the iron ore securities market in Asia. Buyers will be calling the shots. It will change very quickly over the next two years and the Chinese will then control more of the pricing.Mr Banga who left Noble in January after stepping down from an executive role at Asia's largest commodity trader in 2010, started Caravel with his sons Angad and Guneet. Other than iron ore and shipping, the company planned to expand into trading of commodities including coal, manganese and nickel.He said that contract volumes for iron ore securities traded might potentially reach twice the size of the almost 1.2 billion tonne physical market as a new generation of managers at mainland steelmakers would be more willing to use the contracts to hedge risks.He added that contracts traded on exchanges including the Singapore Exchange and the Dalian Commodity Exchange would account for 130 million to 150 million tonnes this year.