Global steel production is projected to increase at an average rate of 4.7% a year to more than 1.57 billion tons (1.6 billion t) in 2012, underpinned by continued strong growth in Asian demand, the Australian Bureau of Agricultural and Resource Economics (ABARE) says in its recent quarterly global outlook review. The independent government forecasting bureau says despite the higher production, demand is such that iron-ore contract prices for the Japanese financial year that were signed in ...

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