Vale SA, one of the world’s top iron ore producers, dismissed analysts’ predictions that prices of the steelmaking material will tumble below $85 a ton amid a tariff-fueled economic slowdown.
“Below $90 a ton there will be a very significant percentage of global production that will be under water, that will lose money, and probably stop producing,” Chief Financial Officer Marcelo Bacci said in a press conference Friday after the company reported first-quarter earnings that missed estimates. “This generates a price improvement effect.”
Analysts from Goldman Sachs Group Inc. and data provider Mysteel Global have said prices could slip below $85 a ton by the end of the year as tariff-related uncertainties put further pressure on prices.
