Wake up Indo Mines. Iron ore prices are at an all-time...

Wake up Indo Mines. Iron ore prices are at an all-time high

Global iron ore prices have been on the rise since the economic downturn of 2008 and 2009, due to growing demand and a positive outlook for steel : 98% of all iron ore worldwide is used for manufacturing steel. In fact, iron ore prices have risen almost three-fold since the $60 per ton lows in early 2009 to almost $190 per ton now.

Moreover, the recent announcement that Chinas iron ore imports could increase by another 40 million tons in 2011 (to about 670 million tons) means that the iron ore prices could maintain their high levels. On top of that, the export ban on iron ore imposed by India (the worlds third-largest iron exporting country) will add further pressure to prices.