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Iron ore prices will not sink below $120 per tonne in 2012, Vale says

November 30, 2011 - 13:00 GMT Location: São Paulo

KEYWORDS: iron ore , iron ore prices , Vale , Brazil , China , Europe

Iron ore prices will not fall below $120 per tonne in 2012, according to a senior executive from Brazilian miner Vale.

“We obviously have our estimate for the price next year, but unfortunately we can’t disclose it,” Vale’s ceo of iron ore and strategy, José Carlos Martins, said this week at a conference in New York. “What I can say with a high level of certainty is that the price should not fall below $120 per tonne. This is more or less the support level [for the] production...

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