Senior executives involved in the talks told the Financial Times that annual iron ore benchmark prices were still likely to drop for the fiscal year starting on April 1 but said that, by waiting, they hoped to avoid a large cut.
In its first forecasts for the coming financial year, the government-backed Australian Bureau of Agricultural and Resource Economics yesterday said negotiated iron ore prices for 2009-10 would fall “substantially” after an 85 per cent jump in 2008-09.
Abare said the drop, the first in seven years, would be the result of “the negative effects of the global economic downturn on steel production” and “expansions to iron ore production capacity”.
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