Vale predicts stable 2009 iron ore exports to China
Brazilian miner Vale, the world's largest iron ore mine, forecasts that iron ore exports to China will stabilize for the rest of 2009.
Vale said just because some small and medium-size Chinese steel mills had begun producing and buying iron ore again as well as signed a lot of contracts with both of them.
In addition, Vales has been adding new customers among steel makers in China. The recent resumption and status of iron ore sales on Chinese steel mills has caused many worldwide miners to cut their price down for the iron ore contracts.
Now Vale is negotiating with Chinese steel producers over annual iron ore contract terms for better price after price declines since last July.
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