QINGDAO, China Chinas demand for iron ore still has plenty of growth potential, according to Vale SA executive director for ferrous and strategy Jose Carlos Martins.
"China is far from reaching the same level of accumulated steel consumption of the developed nations," he said Sept. 25 at the 13th China International Steel and Raw Materials Conference in Qingdao, adding that urbanization trends indicate further potential for Chinas steel consumption.
Vales expansion projects would enable the Brazilian iron ore major to deliver 1 billion tonnes of iron ore to China over the next six years, the same volume it shipped over the past 40 years.
The miners production capacity is expected to reach 450 million tonnes per year in 2018 compared with a current capacity of 306 million tonnes annually.
A version of this article was first published in AMM sister publication Steel First.