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    iron investing

    Vale CEO Sees Iron Ore Price Drop as Temporary

    Investing News Network
    Jan. 22, 2014 12:37PM PST
    Base Metals Investing

    Vale’s CEO says the current drop in iron ore in China is “transitory” because the country’s economic fundamentals are solid, Bloomberg reported.

    Vale’s (NYSE:VALE) CEO says the current drop in iron ore in China is “transitory” because the country’s economic fundamentals are solid, Bloomberg reported.
    As quoted in the market news:

    “Chinese steelmakers are working with lower levels of inventory now because the credit is not available as it was,” CEO Murilo Ferreira told reporters today in Brasilia. “But this is a transitory position.”
    Iron ore futures for May delivery on the Dalian Commodity Exchange slid 1.6 percent to close at 847 yuan ($140) a ton today, the lowest since the contract’s Oct. 18 debut.

    Read the full story by Bloomberg

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