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Global iron ore price to fall in 2012 on demand

It’s reported that the global market estimates that the world’s 2012 average iron ore prices is likely to fall back to 2008 levels as China’s crude steel output growth has been seen to slow to 5%.

In 2011, iron ore prices remained high but plunged in October on China’s depressed iron ore demand from credit-tightening measures. Also, China’s steel output has been falling in November and December.

However, some analysts expected iron ore prices might climb in late 2012 due to factors such as Indian export limitations, Brazil output shrinking on climate and new mine projects delays in Australia.

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