Posted 8/30/2023, 2:17:41 AM

Chinese steel demand declining less than data suggests, says Vale executive

Brazilian miner Vale SA remains cautiously optimistic about declining steel demand in China, as the country's economy is resilient and there are positive indicators in the construction sector.

reuters.com

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8/29/2023

Chinese Demand for Steel Not as Dire as Data Suggests, Brazil Miner Says

Brazilian mining company Vale SA remains cautiously optimistic about declining steel demand in China, as the country's economy has shown resilience despite uncertainties, according to the company's vice president of iron ore solutions, Marcello Spinelli. Vale relies heavily on sales to China, and Spinelli highlighted that while steel demand is declining, it is not as severe as some indicators suggest. Spinelli also noted that nondeveloper entities are actively constructing homes, partially offsetting the decline in the building sector.