BHP Billiton Limited, Rio Tinto Limited and friends cheer the rising iron ore price

Fairfax media is reporting spot iron ore prices rose to their highest level since early September.

The ABC reports business analyst Philip Kirchlechner is forecasting strong demand for Australian iron ore to continue as cold weather in China halts domestic supply, saying…

“I think in the short term there will be very strong demand, partly driven seasonal now, because the temperatures are falling in China, the winter is coming so domestic iron ore production in China, which is mostly in the north, will decline.”

It all adds up to happier times in Western Australia, and for shareholders in iron ore exporters including BHP Billiton (ASX: BHP), Rio Tinto (ASX: RIO), Fortescue Metals Group (ASX: FMG) and Atlas Iron Limited (ASX: AGO).

Shares in BHP are up 9 cents today to $38.18 on day the S&P/ASX 200 has fallen a relatively modest 0.22%. Rio Tinto shares are down 31 cents to $65.29, but are up almost 14% over the past year.

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