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[Ferro-Alloys.com] Brazilian mining giant Vale predicts the global demand for iron ore will grow by 34% by 2020 compared to the level of 2012.

The company’s CEO Jose Carlos Martins said that steel production will grow by 23% in the same period, a displacement of domestic demand for iron ore in China.

In 2013, the seaborne iron ore totaled at 1.23 billion tons, Vale´s participation in this segment was 22%, about 271 million tons. Martins said the exports of iron ore share 87% of the company´s production; it is obvious that the company has intention to increase sales in domestic market but most of the additional volume should be directed to the foreign market.

Martins added that the increase of iron ore will be mainly contributed by Asia and the emerging markets due to urbanization process, while Europe and North America have steady growth recently.


 

• [Editor:Yueleilei]