With global demand picking up and limited supply, iron ore prices paid by steel mills in the second quarter will hit record levels, up 23%-25% from the first quarter. With the rapid rise in oil and food prices, the sharp rise in iron ore costs will increase inflation concerns. Analysts and industry executives expect iron ore prices in 2011 to be much higher than in 2010. The rise in iron ore prices is driven by a strong recovery in China's global steel-producing countries. China imported iron ore in record record of 69 million tons in January. Indian iron ore exports have fallen sharply due to rising domestic consumption and export restrictions. The rise in iron ore quarterly contract prices will not only push up steel prices, but will also reduce the profit margins of steelmakers.
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