Vale foresees no slowdown in Chinese demand for iron ore

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.