Iron Ore Oversupply Unlikely, Says CEO

The CEO of Aquila Resources (ASX:AQA, TSX:AQA) expects that continued growth in Chinese steel production will support the price of iron ore even while analysts are predicting a glut due to oversupply, Mining Weekly reported.

As quoted in the market news:

[Tony] Poli, whose diversified junior mining company was currently advancing several iron-ore projects across Brazil, Australia and South Africa, told journalists in Johannesburg that the expectation of an iron-ore oversupply was largely the result of strategic posturing by the larger producers rather than an abundance of projects that were due to come on-stream.

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