RIO DE JANEIRO, BRAZIL - The world's second-largest iron ore producer, Vale (VALE3), is eyeing the Beijing Winter Olympics as a turning point for the raw material for steelmakers.
Iron ore futures have lost approximately half their value since mid-July as China has limited steel production to curb pollution and energy use. Some of these efforts were aimed at ensuring clear skies for the Olympics in February 2022, according to Vale's head of strategy and business transformation Luciano Siani.
As a result, prices may continue to drop at the start of the games, before a likely turnaround . . .
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