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.

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Comments (1)
  • Berliner
    , contributor
    Comments (71) | 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 2014, 10:45 AM Reply Like
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