https://www.engineeringnews.co.za
Construction|Housing|Iron Ore|Manufacturing|plates|Steel
Construction|Housing|Iron Ore|Manufacturing|plates|Steel
construction|housing|iron-ore|manufacturing|plates|steel

China steel demand plateaus at a decent level, Vale’s boss says

Vale CEO Eduardo Bartolomeo

Vale CEO Eduardo Bartolomeo

14th June 2024

By: Bloomberg

  

Font size: - +

Chinese steel demand “has definitely plateaued” due to property woes, though the Asian nation’s appetite for the material is still at a “decent level,” said the head of the world’s second-largest iron-ore producer.

Vale SA CEO Eduardo Bartolomeo said Thursday during an investment conference that he sees steel demand stalled for a while because China relies on real estate, though he’s expecting a move away from that industry.

“The plateau means they’re going to shift from real estate to manufacturing,” Bartolomeo said during a panel discussion at the FII Priority conference in Rio de Janeiro. “We see a shift from rebar, used for properties, to plates, used in manufacturing.”

China’s property market has been facing a protracted crisis that has dampened the pace of construction and weighed on iron ore prices for months. China is working on a series of measures that will absorb existing housing stock and stabilize markets, which could help a recovery in iron ore.

Vale aims to keep demand up by serving steelmakers across the world through “mega hubs” in the Middle East, Brazil and US as part of its push to manufacture steel using higher-grade iron ore to help reduce emissions.

In the US, Vale received as much as $283 million to build a plant on the US Gulf Coast to make iron-ore briquettes.

“We sell very little in the US now, so we can grow exponentially there,” Bartolomeo said.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine image
Magazine round up | 12 July 2024
12th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.331 0.388s - 190pq - 2rq
Subscribe Now