NEW YORK, NY--(Marketwire - Dec 13, 2012) - The Iron Ore Industry has rallied recently on the resurgence of strong Chinese demand. China's imports of iron ore in November increased 17 percent to 65.78 million tons, which was the highest seen since January 2011. The Paragon Report examines investing opportunities in the Iron Ore Industry and provides equity research on Rio Tinto plc (NYSE: RIO) and Vale SA (NYSE: VALE).
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Australia, which is the largest exporter of iron ore, recently raised its 2013 iron ore price outlook as recent infrastructure projects announced by China are expected to boost demand. The Australian Bureau of Resources and Energy Economics in a recent report expects iron ore prices to average $106 a metric ton in 2013, which is an increase from the $101 a ton forecasted in September.
"Prices in the first half of 2013 are expected to remain around current levels, while prices are forecast to increase in the fourth quarter of 2013 in line with an expected increase in steel consumption demand," the report said.
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Rio's iron ore business is the second largest supplier to the iron ore market which makes steel for industrial and infrastructure use. The iron ore business delivered an impressive performance in 2011, with a record year of production and shipments at their world-class Australian Pilbara operations. Shares of the company have gained 8 percent in the past week.
Vale is the world's biggest producer of iron ore and pellets, raw materials essential to the manufacture of steel. Vale's mines are concentrated in Brazil. The company also holds stakes in joint ventures in China that produce pellets (small lumps of iron particles). Shares of Vale have rallied nearly 10 percent in the past week.
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