Reuters reported that global iron ore prices are expected to remain at around USD 120 per tonne to USD 130 per tonne over the Q4 of this year.

Mr Jose Carlos Martins executive director for Ferrous and Strategy with Vale said that he expected demand growth in China, the world's top iron ore consuming nation, to slow next year, but added that he did not foresee any big decline.

He said that recovery in the United States and Europe would create a better environment for iron ore consumption outside of China. The company's expansion plans remained unchanged, with Vale planning to raise annual iron ore production capacity to 480 million tonnes by 2018, up from 306 million tonnes this year.