Vale: Iron ore prices expected to remain at around US$120-130/tonne in Q4
Time:Thu, 26 Sep 2013 15:18:13 +0800
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Global iron ore prices are expected to remain at around US$120-US$130/tonne over the fourth quarter of this year, a senior executive with Brazil's Vale, the world's biggest iron ore producer, said on Wednesday.
Jose Carlos Martins, executive director for Ferrous and Strategy with the company, said on the sidelines of an industry conference that he expected demand growth in China, the world's top iron ore consuming nation, to slow next year, but added that he did not foresee any big decline.
He also said that recovery in the United States and Europe would create a "better environment for iron ore consumption outside of China".
Martins told the conference that the company's expansion plans remained unchanged, with Vale planning to raise annual iron ore production capacity to 480 million tonnes by 2018, up from 306 million tonnes this year.
