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Steel Price Updates | 09/07/2011

Steel Beams

Baosteel predicts iron ore prices to stay high into 2012

Ma Guoqiang, president of Baoshan Iron & Steel – Baosteel Group’s listed arm – expects Chinese iron ore import prices to remain high for the fourth quarter of 2011 and throughout 2012.

Ma’s comment, contained in the company’s online communication with the shareholders on 31 August, reverses the prediction Baoshan Steel made in May that the global iron ore market would dip into oversupply this year.

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