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Vale CEO says China iron ore price drop temporary

  • A recent decline in iron ore prices in China is temporary and prices should rebound after companies operating there begin rebuilding inventories, Vale (VALE) Murilo Ferreira says.
  • Tighter credit conditions in China hit the steel sector and the companies continue working with low inventories, Ferreira says while believing the fundamentals of the Chinese economy remain "solid."
  • The CEO also says Vale is focused on its $19.5B investment in the S11D iron ore project in Brazil's Para state and its $6.5B Nacala port and railway project in Mozambique.
Comments (1)
  • Berliner
    , contributor
    Comments (29) | Send Message
     
    There is no reason to be anything but long in this sector..and at this price for VALE, cost averaging is a strategy for me. Nice dividend as well and the Brazilian Gov. will give you a tax credit against what you pay on the dividend in your home country. (please fact check, this from info.published more than a month old.)
    22 Jan, 10:45 AM Reply Like
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