With Escalating Iron Ore Market, Miners Invest in Market
China's pollution level may have fallen short of the global demands but the economy has resurged immaculately for the country. The experts had targeted a rise in experts by 17% but results have shown that it has surpassed the target.
For China, exports rose by 25%and imports increased by 28.8%. The greatest surge for the industry has been in the field of iron-ore. It is presently trading at approximately US$155 a tone.
Amidst the booming market of iron ore, Australia's Rio Tinto Limited, BHP Billiton and Fortescue Metals Group have increased their production as they have dabbled into the mining industry.
Looking at the way China's imports and exports have escalated in mining, price of iron-ore will be stagnant at the existing levels for some time. With economy providing positive results for China, there is a possibility of resurgence in other commodity prices like copper and coal prices.
It is being anticipated that Australia's economy will produce positive results if iron ore and coal account for high percentage in exports.
The Reserve Bank has also affirmed that mining investment will increase for Australia this year. Central Bank on the other hand was disregarding inflation forecasts and economic growth. If the increase of China's economy in mining continues at this rate, the bank will have to change its opinion.
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