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Commodities Briefing - Categorized | Metals and Minerals, Price Watch more

Iron ore ‘bubble’ looms, will lower price

Posted on 20 May 2011

The iron ore market has risen to “bubble” levels that will burst as new mines create oversupply of the steelmaking raw material, according to Baosteel Group Corp., China’s second-biggest mill.
“There is a bubble in this market, many are gambling,” making acquisitions and investment expensive, Chairman Xu Lejiang said in an interview in Shanghai, without saying when prices would drop. “Everyone who has money is rushing in to invest in iron ore.”………………………………………Full Article: Source


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