Vale has predicted that prices of iron ore will hold up this year thanks to a recovery in demand from Chinese construction in the second half and lower exports from Indian mines.
The world’s largest exporter of iron ore by volume also outlined an ambitious logistics strategy for Asia, saying it expected to resolve a dispute in which Chinese ports are refusing access to Vale’s new fleet of giant bulk carrier ships.
“We really hope that the second half [of 2012] will be much better,” said Murilo Ferreira, who took over as chief executive last year. “China continues to have huge infrastructure needs, mainly on housing – they have to build at least 10m houses a year in order to cope with the deficit they have.”
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