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jbwere ups 200910 iron ore forcast 20 percent

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    The juggernaut will continue.

    2241 GMT [Dow Jones] Goldman Sachs JB Were raises forecast for 2009-10 iron ore contract price from flat to +20%, seaborne market from 2010 "more closely aligned," contract prices to start falling "gently" from 2010-11. Expects spot prices to stay at premium to contract prices this year, but at narrower margin than last year. Spot market premium will depend on volumes of Indian exports; early indications suggest Indian exports could exceed market expectations again this year. Government has so far chosen to leave export duty on iron ore unchanged, at a time when many market observers anticipated a rise. Raises 2009 EPS for Fortescue Metals Group (FMG.AU) by 5.3%, Portman (PMM.AU) 36.1%, Mount Gibson (MGX.AU) 2.1%,
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