Dannemora’s iron ore prices to increase in second quarter

Sweden-based mining and exploration company Dannemora Mineral has announced an iron ore reference price of $147/mt for the second quarter of the current year, based on the average prices for December 2012 and January and February 2013. The company's iron ore prices are normally set quarterly and based on the previous quarter with a one-month lag. In the first quarter this year, based on prices for the September, October and November 2012 quarter, the company's prices were very low with an average price for the quarter of $113/mt.
 
According to Dannemora's statement, given the increase in the reference price of iron ore, and based on the fact that Dannemora is now a stable supplier, the price of Dannemora's products in the second quarter is expected to rise by an average of 30 percent compared to the first quarter.
 
Based on customers' forecasts and demand, Dannemora is expected to have a market for its entire iron ore production in the second quarter.