Vale: Higher iron ore prices in 2015

Iron prices will increase again in 2015 after reaching a five-year low, according to producer Vale, reports Bloomberg.

Photo: Vale

Brazilian iron ore producer Vale is one of the biggest players in the market and the company has suffered from the fact that iron prices have dropped 49 percent in the recent year. But now the company believes that next year will bring improving prices.

"There was a lot of volatility in prices this year and the market is undershooting at the moment and this will bring about a correction. This correction will come through the closure of many inefficient miners of high cost and poor quality iron ore," Vale CEO Murilo Ferreira tells Bloomberg.

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