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Iron ore price prediction

Iron ore benchmark prices are likely to go up by 10-15 percent this year, while demand will rise by around 10 percent compared with last year, the Raw Materials Group said.

Magnus Ericsson, a partner at the Raw Materials Group, a consultancy which provides mining data and conducts surveys on metals, told a mining conference in Cape Town the demand for iron ore would mainly be driven by China and India following the recovery of the global economy.