The iron ore seaborne market supply might lose 40 million tonnes in 2022 compared with 2021, the ferrous director at Brazilian mining company Vale, Marcello Spinelli, said on Friday October 29.
This reduction follows from a trend that began this year of important iron ore suppliers - including Brazil, India and the Commonwealth of Independent States - focusing more on their domestic markets. Lower supply from Australia is also expected, according to the executive."China has slowed down, mainly due to energy rationing and a crisis in properties, and then we'll have the Winter Olympics next year," Spinelli said during a conference call to comment on Vale's third-quarter earnings. "However, there is some iron ore that will not reach the seaborne [market] next year. And we...