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Vale's first quarter sales hit a four year low

Number of visits: Date:Mar 25,2015

Brazil mining giant CVRD (ValeSA) released on Wednesday reported fiscal first quarter of the company's sales lowest level since four years, mainly because of Chinese economic growth slowed, led to a substantial decline in the price of iron ore in the quarter.

Vale is one of the world's three largest mineral company, is also the largest iron ore producer. In the first quarter, Vale's iron ore average price of $90.52 per ton, compared with the same period last year fell by 19%, the lowest level since the beginning of early. Iron ore prices are expected to fall, but the complex pricing system of the river valley makes it more exaggerated. As a result, the company's first quarter revenue fell 11% to $9 billion 500 million, net profit fell by $2 billion 520 million to $19%.

In the past few years, vale and Rio Tinto and other mining companies are facing difficult to keep up with demand Chinese commodity growth dilemma, and in China the slower pace of economic growth, its iron ore demand declined.

TypeInfo: Industry News

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