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PrintIron ore 62 percent grade iron ore hit $151.00 per tonne on Jan. 4, increasing by more than 70 percent compared to the price $88.00 per tonne last August.
With the rising price of iron ore, the price of steel has also successively increased for more than a month.
The rise in the ore price has gladdened the hearts of iron ore explorers, developers and producers.
Will it continue?
That depends on who you speak to.
Less bullish in the short term are Rio Tinto (ASX:RIO) and BHP Billiton (ASX:BHP). They are known to believe that short-term factors such as restocking by steel mills and traders, and the impending cyclone season in the Pilbara region of Western Australia will bring prices back from current levels.
The rise caused Andrew Forrest's Fortescue Metals (ASX:FMG) to resume the Kings project in the Pilbara at a budgeted cost of about $1.2 billion.
Its annual production capacity should ramp up to 155 million tonnes by the end of this year from nearly 55 million tonnes in the year to June 30, 2012.
They aren't predicting it they might rest at in the short term.
Industry pundits are in the majority forecasting an iron ore price trading in the $120.00 to $130.00 per tonne range as possible in 2013. （Source Proactive Investors Australia）
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