Vale CEO Sees ‘Transitory’ Iron-Ore Price Decline in China

Vale SA, the world’s largest iron-ore producer, considers a drop in the metal price in China as “transitory” because the Asian country’s economic fundamentals are solid, the chief executive officer said.

“Chinese steelmakers are working with lower levels of inventory now because the credit is not available as it was,” CEO Murilo Ferreira told reporters today in Brasilia. “But this is a transitory position.”