SteelOrbis Shanghai
Baosteel Group Chairman Xu Lejiang has recently stated that there is no reason why iron ore prices should be hiked.
Mr. Xu added that iron ore prices have already risen 500 percent over the past five years. The Baosteel chief said that currently, given the congestion of 70 million mt of iron ore at China's major ports, it is impossible for mining enterprises to further raise their prices. At his meeting with Vale's manager for eastern China, Mr. Xu expressed his view that Vale had made the wrong judgment at the wrong time.