Reuters reported Vale (SAO:VALE5) says iron ore prices will recover in September due to falling stocks in China.
As quoted in the market news:
Ferreira said supplies of the metal in China, Brazil’s main trading partner, would last 20 days rather than the previous 30 days and could soon pressure global markets.
Iron ore prices are hovering around $120 per tonne compared with the year-ago price of between $170 and $180 per tonne. The slowdown could affect the diverse miner’s operations, he said.