In what appears to be an optimistic outlook on global demand for steel, iron ore giant Vale SA held informal discussions this week with Chinese companies regarding the development of a steelmaking facility in Brazil.
"We had several meetings here yesterday, but talks are prospective," Jose Carlos Martins, Vale's executive director for marketing, sales and strategy, told reporters today in Qingdao, China on Wednesday. "We are open to talks."
Representatives from Vale announced that global iron ore demand will remain strong as supply falls short of forecasts combined with increased infrastructure expansions in China, India and other emerging countries. Furthermore, the company stated that the supply-demand dynamic will become more balanced between 2015-2017 once new iron ore capacity becomes available.