Iron ore prices will begin to recover in September, Vale's (VALE +0.6%) Murilo Ferreira...

|About: Vale S.A. (VALE)|By:, SA News Editor

Iron ore prices will begin to recover in September, Vale's (VALE +0.6%) Murilo Ferreira believes, citing inventories of the steel-making raw material in China falling to the equivalent of 20 days' usage from a level of 30 days in June. Spot prices of iron ore with 62% iron content for delivery into China slumped this week to $113 per metric ton, lowest since Dec. 2009.