Benchmark Iron Ore price to increase!

China's steel industry association expects foreign miners to call for a 20-30 percent increase in benchmark iron ore prices in 2010 reported by Reuters. Prospects for the Chinese steel industry in 2010 were much better than this year, with crude steel demand likely to increase by another 60 million tonnes. CISA said last week that total crude steel output for 2009 was expected to reach 565 million tonnes. If price of metals increase, it will certainly fuel the cost of housing even more, a housing bubble already now seen in some asian countries.