Friday, 03 Jun 2011
Mr Murilo Ferreira chief executive of Vale said that Brazilian mining giant Vale sees iron ore prices for clients remaining flat in the third quarter compared to the second quarter.
Mr Ferreira at a press conference said that "The price will remain practically unchanged for the third quarter."
Mr Ferreira said credit tightening in China is unlikely to slow the Asian giant's economic growth.
He added that "I don't believe in a slowdown in China, but rather a movement in the economic cycle. I expect a strong second semester for China.”
Spot market prices for iron ore remain close to all time highs, helping Vale and other iron ore miners post record profits. Under the quarterly iron pricing system the company created last year, prices for a given quarter are based on an average of spot market prices during the three previous months. (sourced from Reuters)