Macquarie Group: Chinese iron ore prices to remain firm

Colin Hamilton, analyst at Australia-based Macquarie Group - a global provider of banking, financial, advisory, investment and funds management services, has said that iron ore prices in China will remain firm in the medium term because of tight supply, and that Chinese iron ore prices may continue to indicate increases given that small mills in China are increasing their outputs.
 
Mr. Hamilton remarked that the latest data show that China's steel output will be above 700 million mt for the current year, adding that the global iron ore supply chain is currently trying to catch up with demand.