Vale CEO says metals demand is robust despite Iran conflict
Geopolitics · Mining.com ·
Vale CEO Gustavo Pimenta said the world's top iron ore producer sees no evidence of war-related demand destruction in global metals markets, with margins swelling as the Iran conflict disrupts raw-material flows. Speaking to Bloomberg Television in Rio de Janeiro, he described worldwide demand for critical minerals as "super-constructive" and said Vale is focused on harvesting its own assets rather than pursuing acquisitions. Disruptions in the Strait of Hormuz have lifted fuel prices and freight rates for miners such as Vale.