At a forum on iron ore held by the China Metallurgical Industry Planning and Research Institute, Philip Kirchelechner, a senior consultant with Australian iron ore miner Mt Gibson Iron, stated that the price of imported iron ore in China is expected to be around $120/mt in 2013 due to the recovery of the Chinese steel market boosted by railway construction and urbanization.
Meanwhile, speaking at the same forum, Li Xinchuang, the vice secretary-general of the China Iron and Steel Association (CISA), stated that the Chinese steel industry is expected to see an improvement in 2013, but added that domestic steelmakers might face great challenges if the iron ore import price exceeds $110/mt.