Thursday, 16 Jun 2011
According to executive at Brazilian miner Vale Iron ore demand in Japan is expected to reach 90% of pre-financial crisis levels in the fourth quarter and all markets are recovering well.
Mr Pedro Gutemberg global marketing director said demand in Europe is back at around 85% of pre crisis levels.
He said that “Japan iron ore demand was at almost 90% of pre crisis levels before the earthquake and potentially after it recovers from the earthquake it will go back to that in the fourth quarter. All the markets are recovering well from the crisis. We see China very strong.”
He said “Vale is not worried about the impact of monetary tightening in China on iron ore demand.”
He added that “It is a natural accommodation. They have been running at an almost 700 million tonnes rate per year of steel production. We were expecting at the beginning of the year 670 million tonnes to 680 million tonnes for this year.”
China imports about 60% of the iron ore it needs to make steel. (sourced from Reuters)
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