Vale says 70 million mt of iron ore to be cut from the global market in 2016

Brazilian iron ore producer Vale estimated about 70 million mt of iron ore capacity should be cut this year, according to media reports.

Vale said 30 million mt of the commodity is considered “at risk” as Chinese capacity utilization slows down, said Joao Mendes de Faria, Vale’s head for China, at an industry conference.

Vale said this week it’s finishing civil works at the pier 4 of its Ponta da Madeira terminal in the city of Sao Luis, in the state of Maranhao, as part of its S11D project. The terminal should expand capacity from 150 million mt/year to 230 million mt/year by 2018.