Vale sees global seaborn iron ore demand at 1.35-1.4 bln T in 2016
LONDON Dec 4 (Reuters) - Vale SA, the world's biggest iron ore producer, said on Friday it sees global seaborn iron ore demand at a healthy 1.35-1.4 billion tonnes next year.
"Technically prices should be around $50 a tonne next year, but there's much more going on than that, including sentiment," said Peter Poppinga, Vale's executive director for base metals and information technology.
Spot iron ore prices fell below the psychological $40 a tonne threshold on Friday and were set for their steepest weekly decline in five months as falling Chinese steel demand exacerbated a global glut of the steelmaking raw material.
(Reporting by Maytaal Angel, editing by William Hardy)
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