Brazilian miner Vale (VALE.NYSE), the world’s largest iron-ore producer, expects iron ore prices will recover to US$110 a barrel thanks in part to growing Chinese demand, Bloomberg reported, citing an interview on Thursday with Vale CEO Murilo Ferreira. Prices fell below US$90 per dry metric ton last month, curbed by higher supply from Australian producers in the first part of the year, but no additional supply by Australian companies is expected in the second part of the year, which will also help prices to recover. Mining companies have been expanding iron-ore production, betting increased volumes from their deposits will offset declining prices.
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