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Prices for iron ore, which is used to make steel, may rise 7.5 per cent this year as Chinese demand growth slows and miners increase supply, JP Morgan Chase & Co. said. Prices rose by a record 71.5 per cent last year.

Iron ore and coking coal, which also rose to a record last year, account for about 30 per cent of steelmakers' costs. "We feel that we are past the chronic tightness witnessed in 2004 and 2005 and are now entering the early stages of an easing in the iron ore market," according to JP Morgan Chase analysts.

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