Jun 14, 2024 03:25 PM

ECONOMY

China Steel Demand Plateaus at ‘Decent Level,’ Vale CEO Says

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Eduardo Bartolomeo, chief executive officer of Vale SA, during the Future Investment Initiative Institute Priority conference in Rio de Janeiro, Brazil, on June 13. Photo: Bloomberg

Eduardo Bartolomeo, chief executive officer of Vale SA, during the Future Investment Initiative Institute Priority conference in Rio de Janeiro, Brazil, on June 13. Photo: Bloomberg

(Bloomberg) — Chinese steel demand “has definitely plateaued” due to property woes, though the Asian nation’s appetite for the material is still at a “decent level,” said the head of the world’s second-largest iron ore producer.

Vale SA CEO Eduardo Bartolomeo said Thursday during an investment conference that he sees steel demand stalled for a while because China relies on real estate, though he’s expecting a move away from that industry.

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