Brokerage: Iron ore miners' sales volumes on the rise
Bnamericas Published: Friday, July 28, 2006
Brazil's iron ore mining sector is expected to enjoy continually rising sales volumes in the coming quarters mainly due to Chinese demand, local brokerage Socopa said in a report. "The perspectives for the mining sector remain favorable due to the new prices for 2006, reflecting the market unbalance caused by strong Chinese demand," Socopa added. This year's prices included a 19% increase for iron ore and 3% decrease for pellets. Brazilian iron ore shipments abroad in the first half of 2006 amounted to 116Mt compared to 106Mt in the same period of last year. Socopa has a buy recommendation for CVRD (NYSE: RIO), the world's largest iron ore producer.
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