Global miners BHP Billiton, Rio Tinto and Vale of Brazil will demand further price increases for steelmaking commodities iron ore and coking coal, as strong Chinese demand and supply disruptions keep the market tight.
The cost of iron ore and coking coal is key to the global economy as it filters into steel and ultimately everyday goods.
Mining and steel executives said, on average, iron ore prices for the third quarter would rise by 30-35 per cent while coking coal prices would increase by 10-15 per cent, either pushing up the cost of steel or denting steelmakers' profits.
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