China iron ore demand consistent on economic development – FMG CEO

15 May 2017

CNBC reported that demand for iron ore still looks positive in China as the world’s second largest economy continues to develop. Fortescue Metals CEO Nev Power said that “Longer-term, China is looking good in terms of economic development, so we see consistent steel demand and therefore consistent demand for iron ore going forward.”

Mr Power said that there have been concerns about a slowdown in growth in China, which is the world’s largest consumer and importer of iron ore, but he said the country will remain key for the sector.

Fortescue Metals Group CEO, Nev Power said that ‘’China’s demand for steel and iron ore is still “looking good.’’ He added that China is the world’s largest steel producer, churning out some 800 million tonnes of the alloy a year, so it will continue to be the most important regional market for iron ore producers.

Mr Power said that in the rest of fast-growing Asia, steel and iron ore consumption will also drive demand.

Source : CNBC INTERNATIONAL