Brazilian mining firm Vale’s President and CEO Murilo Ferreira said in an interview, reported in the Nikkei:
- Iron ore prices are down due to oversupply problems but are likely to rebound this year as many small mines in China and elsewhere close due to deteriorating profits
- Spot prices for iron ore are currently around $84 per ton — a roughly five-year low — but will probably recover to between $95 and $100 per ton by year-end
- “I think the problem is not in the demand, it is based on oversupply in the market”
In the Nikkei overnight, from a Tuesday interview
Is he right, or talking his book, or wishful thinking … or all of the above?
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I reported earlier on comments from Goldman Sachs on their iron ore price outlook: Goldman Sachs says downward pressure on iron ore price is to continue
