NEW YORK, NY--(Marketwire - Jan 9, 2013) - The Iron Ore Industry has had a strong start to the new year as rising steel demand in China have sent prices for the commodity soaring to a 15-month high. Prices for iron-ore have rallied 75 percent from the lows seen in September. The Paragon Report examines investing opportunities in the Iron Ore Industry and provides equity research on Champion Iron Mines Ltd. (TSX VENTURE: CHM) and Labrador Iron Mines Holdings Ltd. (TSX VENTURE: LIM).
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According to Antaike Information Development stockpiles of iron ore at local ports in China totaled 71.3 million metric tons as of December 21st, the lowest in two years. China's largest steelmaker Baoshan Iron and Steel has stated it will raise prices for the third consecutive month in February, providing a positive outlook for steel demand in China.
"The sharp rise of iron-ore prices driven by aggressive buying from mills amid higher steel prices is building up the case that demand may be improving on the back of China's new urbanization initiatives," said Morgan Stanley analyst Fotis Giannakoulis in a recent report. "A new wave of purchasing looks possible."
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Champion is an iron ore exploration and development company focused on developing its significant iron ore resources in the provinces of Québec and Newfoundland and Labrador. The Fermont Projects, including Champion's flagship Fire Lake North Project, are located in Canada's major iron ore producing district, in close proximity to three producing mines.
Labrador Iron Mines is Canada's newest iron ore producer with a portfolio of direct shipping (DSO) iron ore operations and projects located in the prolific Labrador Trough. Initial production commenced at the James Mine in June, the first full production season commenced in April 2012 and the company sold ten shipments totaling approximately 1.6 million dry tons of iron ore.
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