Reuters reported that according to Vale SA, the iron ore market is doing quite well and due to high demand from China, the price of this steelmaking ingredient will not go below $110 per ton.

As quoted in the news:

Demand for iron ore in China, the world’s largest steelmaker and biggest consumer of iron ore, is being bolstered by production of pig iron and direct-reduction iron (DRI), Jose Carlos Martins, Vale’s head of ferrous metals, said on a conference call with investors.

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