Author: Paul Ploumis07 Jul 2014 Last updated at 08:11:25 GMT
BRASILIA (Scrap Monster): The global iron ore demand will increase by about 20 percent by 2020, when compared to the range of 2012, said the Brazilian giant Vale. CEO, Mr. Jose Carlos Martins said that the steel production will increase bay around 23 pct in the same period due to the anticipated growth in the iron ore demand in China. The total seaborne iron ore is around 1.23 billion tons in 2013 and Vale predicted that this it will grow by 22 percent, which is about 271 million tons. Jose Martins said that about 87 percent of production at the company accounts for iron ore exports. The company has the intention to increase the iron ore sales in domestic markets and it will direct the surplus ore to the foreign market. Mr. Martins added that the surge in the iron ore production will be contributed mainly by Asian countries and the emerging markets because of the urbanization process, while North America and Europe have steady growth recently.