About 220m tonnes of iron ore will be loss-making if prices stay same, Vale says
December 02, 2014 - 17:32 GMTLocation: New York
KEYWORDS: Vale , iron ore , Brazil , Peter Poppinga
If iron ore prices stay at current levels then about 220 million tonnes of ore will be loss-making in 2015, according to the head of ferrous metals at Brazilian miner Vale.
A surge in overseas supply resulted in a near halving of iron ore prices this year, with the market currently at about $70 per tonne. Yet expectations for seaborne demand of between 1.5 billion tonnes and 2 billion tonnes next year "points to a hypothetical market price of $90 per tonne," Vale’s Peter Poppinga told an investor day in New York.
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