April 27, 2017 / 1:40 PM / a year ago

Vale sees robust ore prices this year, market 'well balanced'

SAO PAULO, April 27 (Reuters) - The market for iron ore remains well balanced at this point, as less supply is expected and as prices tend to find support above last year’s levels, executives at Vale SA said on Thursday.

Vale, the world’s No. 1 producer of iron ore, plans to take advantage of growing cash generation to keep reducing net debt to $15 billion to $17 billion this year, from about $25 billion at the end of last year, outgoing Chief Executive Officer Murilo Ferreira told investors during a call to discuss the company’s first-quarter results. (Reporting by Guillermo Parra-Bernal and Marta Nogueira; Additional reporting by Roberto Samora in São Paulo; Editing by Bernadette Baum)

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