Markets

Brazil's Vale sees 50mn tonnes of iron ore entering 2017 market

Published October 25, 2016 Updated October 25, 2016 03:23pm

1 min

By Shoaib Ur Rehman

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RIO DE JANEIRO: Brazilian miner Vale SA expects 50 million tonnes of new iron ore production to enter the global market in 2017, but it should be offset by falling production in China and increased steel demand, a company executive said at a conference in Rio de Janeiro.

Paulo Salles, Vale's head of iron ore marketing for South America, said that the 50 million tonnes would be composed of 28 million tonnes from Brazil, 18 million tonnes from Australia and 4 million tonnes from India.

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