Metals commodity price behavior in late 2012 has led some analysts in Brazil to revise their forecasts for 2013, showing an overall 0.8% increase as compared to earlier estimates, which indicated a 4% drop, local press reported.

Analysts at Brazil's largest bank, federally controlled Banco do Brasil have greater optimism for metals prices, mainly translating into benefits for the mining sector. Consistent economic indicators, especially in China, have been supporting demand and raising metals prices.

In early December iron ore prices underwent a rebound process, with the commodity reaching USD 124 per tonne, according to analysts at BB. There has also been stocking movement in ports and plants in China, which is leaving miners more confident, and according to BB analysts, profit margins may rise.

Compatriot bank Itaú Unibanco's analysts are also seeing a "sense of optimism" in the industry. The iron ore 62%-Fe price index rose 6.4% in December, reaching USD 145 per tonne at the end of the month. Chinese inventories of the commodity have reached their lowest levels in the last two years.