Vale: Iron ore consumption to increase

The world’s biggest exporter of iron ore Vale said that the demand for the steelmaking ingredient might grow at the end of the year after the Chinese government executed the policy to limit power to steelmakers and to ask companies to shut obsolete plants.

Under this policy, the nation posted the biggest decline of the iron ore imports in seven months in August.

However, Jose Carlos Martins, executive director of sales and marketing and strategy, told reporters in Dalian, China, today “We see this stable market for two to three months, until we grow again. We need to prepare for the growth from the end of this year, beginning of next year.”