It is learned that several industry analysts said their prediction against iron ore prices for the next year is averaged at US$120/ton, a slight drop from US$126/ton this year due to weak steel demand from China and it will even keep declining to US$119/ton in 2014 and US$115/ton in 2015.
Besides, they expected that the demand for crude steel for this year will grow by 3.5% and it will be 2.6% in 2015, very far away from 8.9% in last year and 15% between 2008 and 2011.
However, there are still optimists in the market. John Johnson, executive director of metal consultant agency CRU, said the iron ore price will be reasonably stable in the coming years because the demand will be a little bit higher than this year and the global economy would be better.
He added that the iron ore will set average prices at US$129/ton as long as the global economy growth takes place.