[2020-05-13] Vale executive tips Chinese economy to recover vigorously

Source: Macauhub

Vale SA Chief Financial Officer Luciano Siani forecasts what he calls a “very vigorous” economic rebound in China, the main market for the iron ore the Brazilian miner exports, Valor Económico reports.

The Brazilian newspaper quotes Mr Siani as saying in an interview on Friday that the recovery of the Chinese economy will depend in large part on construction and manufacturing.

Mr Siani said it was remarkable that, despite the Covid-19 pandemic, Chinese steel production was 1.6 percent greater in the first quarter of this year than a year earlier.

Industrial activity in China is practically back to normal and construction is rebounding, depleting Chinese reserves of steel and iron ore, Valor Económico quotes Mr Siani as saying.