Vale expects iron ore prices to decrease
Due to the outbreak of Coronavirus, the global demand for iron ore has been greatly reduced, and at the same time, the supply of steel products decreased subsequently, which would be a potential factor of price reduction.
In the first quarter of the year, iron ore prices increased due to the short supply from Australia and Brazil, and mining locations were locked down. But now, this is being offset by the decreased demand. About a total of 23.3 million tons of steelmaking capacity has been stopped in Europea, the US, and Japan.
