0516 GMT - UBS upgrades its long-term forecast on iron ore to US$93/metric ton, from US$85/ton before. As a result, the bank raises share-price targets on miners including BHP, Rio Tinto, Vale and Fortescue. Its long-term price forecast--which is 12% above consensus--reflects a new phase for iron-ore demand, as China pivots to manufacturing and exports from construction, and steel demand from the Global South rises, UBS says. "The rise of the Global South and China's manufacturing [and] export industries should more than offset China's construction steel demand decline, resulting in global steel demand growing through 2035," it says. UBS raises its target on BHP to A$61/share from A$59/share prior. Its target on Rio Tinto increases to A$178/share from A$177/share.