Vale says recent dip in global steel prices is temporary

LONDON, Dec 6 (Reuters) – Brazil’s Vale, the world’s largest iron ore miner, said on Thursday a recent dip in global steel prices is temporary due to overproduction in China ahead of winter output cuts.
Vale Chief Executive Fabio Schvartsman told investors in London that global capacity utilisation in the steel sector has risen to 76 percent this year from 73 percent last year, indicating excess capacity in the sector is shrinking, giving steelmakers pricing power.
Giving steelmakers pricing power.
He said capacity utilisation in China’s steel sector is at 85 percent, indicating a healthy market poised to see prices recover next year.
China produces and consumes about half the world’s steel.
(Reporting by Maytaal Angel and Eric Onstad)
More News
Proxy adviser backs Palliser’s pursuit of unifying Rio Tinto’s dual-listed structure
Glass Lewis has expressed concerns about Rio's board falling short of investor expectations and failing to respond or defend against Palliser's proposal.
March 14, 2025 | 11:12 am
New Zealand seabed mining poses unprecedented challenge for offshore wind
New Zealand wants to increase renewable electricity projects such as wind and solar to reduce thermal generation.
March 14, 2025 | 10:57 am
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments