Vale Forecasts Average Iron Ore Price Improvement This Year

Peter Poppinga, CEO of mining giant Vale, expects the average iron ore price to be higher this year than the previous year, at US $ 70 per tonne.

The CEO said Chinese steel demand will grow 3% this year, which could support steel product prices.

He also noted that less iron ore will be supplied to the market from new sources compared to last year, when 115 million tons of them were mined. Poppinga's forecast for this year is about 70 million tons.