Vale CEO Sees Iron Ore Price Drop as Temporary

Base Metals

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