The 2005 iron ore talks will result in an "unprecedented" price rise, said a marketing executive at one of the major suppliers of iron ore to the seaborne trade speaking on condition of anonymity. Iran ore prices in the spot market are three to four times higher than benchmark prices on strong demand, he added. "We cannot play this [spot price] game, but we have to look at [spot prices] and take them into account in our negotiations," he told MB. "In my opinion the price rise will be much more than 20 percent." Iron ore prices have never risen in a single year by more than about 20 percent."
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