Guilherme Cavalcanti, chief financial officer of Brazilian mining giant
Vale, has said he does not foresee any slowdown in
China's demand for
iron ore, as reported by Bloomberg News. He added that
China will remain the world's largest
iron ore consumer, with housing
construction in
China expected to continue to drive demand for steel and
iron ore.
"We are not feeling any contraction in demand for
iron ore [from
China] mainly because infrastructure building is still going on there and also social housing," Mr. Cavalcanti said. "The urbanization process in
China is far from over, so we think that this will keep leading the demand for
iron ore." According to the data published by
Vale, 41 percent of
Vale's
iron ore exports go to
China.