China iron ore demand to remain strong - Vale CEO

By: Reuters
10th April 2012
Updated 3 hours ago

RIO DE JANEIRO - Chinese demand for iron ore will remain strong, the chief executive of Vale SA , the world's largest exporter of the mineral, told reporters in Rio de Janeiro on Tuesday.

"Those who have been betting against Chinese growth since the 1990s will be wrong again," CEO Murilo Ferreira said. "China is just getting going."

Ferreira's comments come after the International Monetary Fund warned on Tuesday that commodities exporters should brace for lower prices and slower world growth. Rio de Janeiro-based Vale is the world's number one iron-ore producer.

Brazil is the world's top coffee and beef exporter and number two soybean and iron-ore exporter.

China, the biggest iron-ore consumer and steel producer, said on Tuesday that March iron-ore imports fell 3% from March to 62.9-million tonnes. Oil and copper imports also fell.

The spot price of iron ore with 62% iron content in China rose 0.2% to $148.45 a tonne on Tuesday, its highest level in more than five months, according to Metal Bulletin. Iron ore is the main ingredient in steel.

Edited by: Reuter