Demand for iron ore and steel to rise in coming years

Although China's economic growth is slowing down, ongoing urbanization will still strongly support demand for iron ore and steel products for a long time.

"We have confidence in China's iron ore demand because its urbanization requires a large amount of steel products in the coming years," said Neville Power, chief executive officer of Fortescue Metals Group Ltd, the third-biggest iron ore producer in Australia.

He told China Daily in an interview that the company's contracts with Chinese steel mills are steady.