|By Marketwired .||
|December 13, 2012 08:20 AM EST||
NEW YORK, NY -- (Marketwire) -- 12/13/12 -- 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 Cliffs Natural Resources Inc. (NYSE: CLF) and ArcelorMittal (NYSE: MT).
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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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Cliffs Natural Resources' North American operations produce 13 grades of iron ore pellets, including standard, fluxed and high manganese, for use in customers' blast furnaces as part of the steelmaking process. In the Asia-Pacific region, the company supplies steelmakers with direct-shipping fines and lump iron ore.
ArcelorMittal is among the five largest producers of iron ore and metallurgical coal. The company's goal is to produce 100 million tons (Mt) of iron ore by 2015, and they are pursuing this aim through expansion of existing assets and acquisition of new, high-quality resources. ArcelorMittal produced a total of 14.3 Mt of iron ore in the third quarter of 2012, an increase of 1.3 percent year-over-year.
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