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PrintReuters quoted Mr Zhang Xiaogang president of China Anshan Iron and Steel Group Corp also known as Angang said he is very pessimistic about term iron ore prices this year.
Mr Zhang Xiaogang said "Iron ore negotiations are underway. I personally am very pessimistic about the results. China's steel mills originally expected a 20% price increase, but they will not get that."
He said the next two years would be a period of major restructuring for China's steel sector and steel mills would struggle in 2010 with costs and structural problems.
Sourced from Reuters
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