Brazil Vale 1Q Iron Ore Exports Likely Down Despite ChinaBrazil Vale 1Q

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Monday, 23 February 2009

Iron Ore Exports Likely Down Despite China. Brazilian mining colossus Companhia Vale do Rio Doce (RIO), or Vale, iron ore export volumes in the first quarter will likely be below the year-ago quarter, despite a hefty order from China, said Vale's chief financial officer, Fabio Barbosa, at a press conference. Earlier Friday, Vale said China had contracted record first quarter shipments of iron ore, totaling 30 million metric tons.
"Although the shipments for China are a record, more than we've ever sold there, total shipments for all markets in the quarter are estimated to be lower than in the previous quarter," Barbosa said.
According to Barbosa, Vale shipped around 80 million tons in the fourth quarter, while the expectation for the first quarter was around 50 million tons.

Source: Dow Jones