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Vale expects iron ore sales of 1.1b tons over 6 years
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Brazilian miner Vale SA expects to sell 1.1 billion tons of iron ore to China in the next six years which, incidentally, is the same volume it has sold since the arrival of the first cargo in Tianjin four decades ago.
The world’s largest ore producer is certain of meeting that target because China’s demand will remain strong enough to justify Vale’s huge expansion plan despite a slowing economy and government efforts to tackle overcapacity in the steel industry.
“Cutting capacity doesn’t mean cutting production,” Jose Carlos Martins, executive director for ferrous and strategy, said in an interview Saturday in Shanghai. “Production in China will not decline but be more efficient.”
Vale, which hasn’t expanded its capacity over the past five years, is now seeking to boost annual capacity by 50 percent to 450 million tons by 2018 in a US$35 billion push.
Martins said Vale is confident that additional output could be absorbed by the market, especially China. He also sought to ease oversupply concerns by saying that new mines could replace depleted operations.
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