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PrintBNamericas cited Mr Jose Carlos Martins director of iron ore and strategy for Brazilian mining giant Vale as saying that increased iron ore supplies are expected to reduce volatility in the commodity's price.
Mr Martins said that "This iron ore supply would satisfy an expected 21% growth in steel demand by the end of the decade, driven mostly by Asian and emerging economies. Nevertheless, the industry cost curve will support price levels at three digit figures."
He said that meanwhile, iron ore supply and demand should balance in 2014, when supplies are forecast to start exceeding demand. The new iron ore capacities coming online will result in a gradual rise in supplies. Vale remains optimistic regarding the future demand for iron ore. The company's production is expected to reach 306 MT and 450 MT in 2013 and 2014, respectively.
He added that to achieve this, Vale's iron ore mining and logistics expansion projects will require USD 34 billion until 2018 including its Carajás S11D, one of the largest iron ore projects currently being developed.
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