Morgan Stanley Boosts 2013 Iron Ore Estimate as Demand Climbs

Morgan Stanley raised its forecast for iron ore prices this year on expectations that accelerating economic growth in China, the biggest buyer, will boost demand.

Prices will average $133 a ton this year, 11 percent more than a previous estimate, analysts Peter Richardson and Joel Crane wrote in a report today. Prices may average $142 in the first quarter and fall to $125 in the third, they said.