The Rising Influence of Rising Affluence

[DewDiligence]

VALE CEO comments on iron-ore prices:

http://finance.yahoo.com/news/vale-ceo-murilo-says-drop-213431927.html

The fundamentals of the Chinese economy remain solid and the recent drop in iron ore prices is temporary, Murilo Ferreira, chief executive of Vale , the world's largest iron ore miner, said on Tuesday.

Iron ore prices on the Chinese spot market have fallen 8.2 percent since the beginning of the year to $123.20 a tonne, their lowest level in six months, according to Steel Market Intelligence newsletter.

"There was a recent toughening in credit policy in China and the steel companies were certainly affected," Ferreira told reporters after a meeting at Brazil's Mines and Energy Ministry. "The companies have ended up working with lower stocks, but that is a transitory position," he said.