Brazil: Vale expects third quarter iron prices to remain steady

Tuesday, May 31,

Brazil’s top miner, Vale expects the quarterly contract prices for iron ore to remain steady in the third quarter.

Murilo Ferreira, Vale’s Chief Executive Officer said at a press conference, “The prices will remain practically unchanged for the third quarter”

Commenting about the credit tightening in China, he further said, “I don’t believe in a slowdown in China, but rather a movement in the economic cycle. I expect a strong second semester for China”

Spot iron ore prices for Fe 62% lied at around $173-174/MT on May 25, i.e. 9% less than its record high in February, but nearly triple the price two years ago.