JFE: Iron ore,coal prices should fall to 07/08 levels

JFE Steel Co President Hajime Bada said on Tuesday that prices of iron ore and coking coal for term supply in 2009 and 2010 business year should fall at least to the 2007 or 2008 levels due to a precipitous decline in steel demand, according to Reuters.

Iron ore prices have nearly doubled and coking coal prices have tripled this business year amid tight supply, but demand for steel has sharply decreased since late last year due to a global downturn in the economy.

As China's third largest trade partner, Japan imported 11.75 million tonnes coal from China in Jan-Nov of last year, slashed 15.6 percent.