Vale sees iron ore prices above $150 per tonne for the next 5 years – report

Brazil’s Vale , the world’s top iron ore miner, expects prices of the steelmaking raw material to remain above $150 a tonne for at least the next five years on tight global supplies, the Financial Times reported on Thursday.

Guilherme Cavalcanti, Vale’s chief financial officer, said miners would struggle to meet booming Asian demand, according to the newspaper.