Vale sees global iron ore supply rising further
SINGAPORE Feb 4 (Reuters) - Major iron ore miners have added 234 million tonnes to global seaborne supply in two years and are poised to increase that further through 2020, an official from top iron ore miner Vale said on Wednesday.
The 234 million tonnes is part of the 430 million tonnes that global producers, including Rio Tinto and BHP Billiton, were expected to add to global supply from 2013 to 2020, Peter Poppinga, executive director for ferrous minerals at Vale, told an industry conference.
"There is oversupply and there will be a market correction," Poppinga said. (Reporting by David Stanway,; Writing by Manolo Serapio Jr.; Editing by Himani Sarkar)
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