Rio Tinto, the world's second largest iron ore producer, expects prices for the commodity to stabilize in the September quarter after a volatile start to the year.
Mr Sam Walsh Rio Tinto's iron ore chief told Reuters recently that he expected iron ore prices in the September quarter to vary by only around 1% compared with the June quarter.
He added that "We are seeing continuing growth in the market referring to global demand for the steel-making raw material.” Mr Walsh said that "Price movements indicate that we will continue with very high prices which really are signifying that the market continues to be tight.” He added that "The prices for the next quarter look like they will be within 1% of current prices.”
Chinese steelmakers had been banking on a resurgence in construction in the second quarter to boost demand for steel but tighter liquidity, thanks to Beijing's inflationtaming campaign, has slowed down property projects.
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