RIO DE JANEIRO : Brazilian miner Vale SA sees declining steel demand in China, the world's largest producer, but the situation is not as dire as some indicators suggest, the miner's vice president of iron ore solutions told Reuters. Vale is 'cautiously optimistic' about the largest global consumer of iron
RIO DE JANEIRO : Brazilian miner Vale SA sees declining steel demand in China, the world's largest producer, but the situation is not as dire as some indicators suggest, the miner's vice president of iron ore solutions told Reuters.
"We can see that there is demand . It's declining, but not to the extent that some isolated indicators show to some analysts," Spinelli said."When you reconcile it with the property numbers there is this divergence." Spinelli acknowledged significant distrust among analysts about China's building sector, following liquidity problems for some real estate developers. However, he said many analysts overlook that non-developer entities are actively constructing homes at elevated levels, partially offsetting the decline.Iron ore inventories at China's ports are at their lowest levels in almost three years, around 118 million metric tons, according to data from consultancy SteelHome.
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