26.02.2010 - Iron ore traders eye big prize
From People.com.cn: The iron ore market is worth about $200 billion a year, second only to crude oil, according to Credit Suisse Group AG. The swap market may grow 10-fold to 360 million metric tons annually over the next two years, said Phillip Killicoat, an iron-ore dealer at the bank in London. Such an expansion would be a vindication for the pioneers in a market that only began in May 2008. Ray Key, global head of metal trading at Deutsche Bank AG and Kamal Naqvi, Credit Suisse's global head of investor sales, began offering swaps at the instigation of BHP Billiton Ltd, the world's largest mining company, which was dissatisfied with the way iron ore is priced........................................Full Article: Source
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