Iron ore tags to hold despite output rise: Vale

Aug 12, 2013 | 01:57 PM | Juan Weik

Tags  Vale SA, iron ore, ore depletion, iron ore prices, Jose Carlos Martins, Juan Weik

SÃO PAULO — Vale SA does not believe iron ore prices will be significantly affected by new output capacity over the next few years as ore depletion and growth in Chinese steel production will continue to balance the market.

Every year the global steel market needs "at least 100 million tonnes" of added iron ore output, José Carlos Martins, executive director for iron ore and strategy at Vale, said during a conference call for analysts. Some 50 million to 60 million tonnes of new iron ore production is necessary each year just to....

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