China will still be the world’s largest producer of steel but the gap between the country and other major steel producers will narrow, Brazilian mining giant Vale said at the Singapore Iron Ore Forum portion of the SIFW. Vale expects China’s steel production to plateau within the next few years and start to decline by the end of the decade, Eduardo Mello Franco, marketing manager of pricing iron ore at the company said.
While tackling the challenges facing iron producers, Vale is pursuing its “green” steel goals by developing mega hubs that will manufacture hot briquetted iron for electric arc furnaces, the
first of which could emerge in the Middle East. Looking ahead, most speakers at SIFW projected that iron ore supply will remain tight, with Eduardo pointing out that because of the depletion of mines by 2030, about 400 million mt in fresh iron ore will be required to replace the loss of reserves.
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