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mining company executives and analysts have estimated that the fourth quarter iron ore prices will fall by 10-15%, coking coal prices will fall by 5-10%. Prices will depress steel prices, or increase the profit margins of steel producers.
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final price will be announced tomorrow, and various mining companies World pipe network reported that the world's steel pipe network to provide the world's steel pipe network editor , prices will vary due to different price formula. Vale and Rio Tinto for the quarter and about three average monthly spot price based on the end of the month before the new quarter. BHP Billiton is the other systems, including the average price of a month and 2 months World Pipe network informed.
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the price drop will cover the last quarter of 2010, which will be the new quarterly pricing system linked to the spot market for the first time to trigger the price reduction. In April of this year, when prices hit a record 95-105% surge in the new pricing system to replace the original baseline system lasted 40 years and about the annual price negotiations. The third quarter of 2010 due to strong iron and steel production, iron ore and coking coal prices rose sharply by 20-30%.
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the world's largest mining company BHP Billiton last week warned that global steel oversupply will blow steel production related commodities short-term needs.
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for the global economy, the cost of iron ore and coking coal is critical because this affects the cost of steel prices and daily commodities. The profitability of the world's two largest heavy industry (mining and steel manufacturing) is also crucial.
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the quarter prior to the falling prices, the price of iron ore has gone through rose more than doubled since 2009, and gave rise to the steelmakers protest. Even decline in value after the iron ore prices will remain higher than the 2009 level of nearly 120%.
steelmaking commodity iron ore and coking coal in the next quarter to the first price reduction, because the iron and steel production fell to force global mining company CVRD, Brazil (Vale) and UK-listed Rio Tinto (Rio Tinto) and BHP Billiton (BHP Billiton) for the supply of and about discounts.