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Financial News: VALE: Iron Ore Production Expected To Be Below

VALE: Iron Ore Production Expected To Be Below 400 Million Tons In 2018

07/27/2017 - 18:38:00 (RTTNews)

(RTTNews) - Brazil's Vale has been concerned not to increase excessively the iron ore supply in the market and said that its production should be below the 400 million tons target in 2018. This year, Vale had already stated in its output report released last week that production should be near the bottom of the expected 360-380 million tonnes range.

"We will give the guidance on Vale Day, but we should not reach the 400 million. It will remain below that," Vale's ferrous director Peter Poppinga said in a teleconference. The director also said that the supply of iron ore scheduled to enter the market in 2017 would be lower than last year.

He added that demand for iron ore is steady in China and could keep the commodity price at current levels throughout the year.

"China's indicators are positive, and demand is constant. Traders have very small steel stocks, due to investments in infrastructure and construction, to available credit and also because of the supply reform that the Chinese government is implementing," he said.

In the face of this scenario, the executive said that he is "very optimistic for the short and medium terms." However, he noted that iron ore prices do not always reflect the market's reality.

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