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Resource Capital Research [RCR] - Equity research report on junior and mid tier iron ore companies



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Resource Capital Research [RCR] - Equity research report on junior and mid tier iron ore companies

Resource Capital Research (�RCR�), an equity research company which focuses on small and mid size resource companies, today published its quarterly research report covering iron ore exploration and development companies.



Key Points:

Iron Ore Market:
� The iron ore market has stabilised, after a volatile period extending from the GFC to the collapse of the annual benchmark pricing system and the introduction of quarterly iron ore contracts in 2Q10.
� A 23% jump in the quarterly price for iron ore in 3Q10, to about ~US$147/t (62% Fe FOB), has been followed by a ~13% drop into 4Q10, to around US$127/t.

The indexed price should remain steady or fall slightly in 2011.

The long-term iron ore market outlook is solid.
� Steel prices and tonnages have shown a similar trend to iron ore prices, down quarter-on-quarter (indices range -5.9% to -11.7%) but flat or rising month-on-month (-1.3% to 4.7%).

China has increased iron ore production in the past 12 months: we forecast a 21.2% rise to 1027mt for CY10.

Iron Ore Equities:
� Australian listed iron ore stocks have gained an average 31% in 12 months, driven by the overall market recovery and rising iron ore prices.

Prices gained 30% in three months and 14% in one month (to September 30), due largely to easing of concerns about the global economy and the partial scrapping of a proposed resources tax (RSPT, now MRRT).
� Similarly, Canadian listed iron ore stocks have gained an average 62% in 12 months.

Please find details and analysts comments in the attached media release.

RCR also publishes quarterly reviews of the Uranium, Gold, and Rare and Minor Metals sectors.

To access the free summary of the iron ore report or to purchase the 63 page Subscriber report, go to www.rcresearch.com.au/reports.

For further information, please contact:

Trent Allen
Iron Ore Analyst
(+61 (0) 438 873 682)


John Wilson
Managing Director
Phone: (+61- 2) 9252 9405



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