VALE Vale

[Chulete]

Comparto algunas reflexiones del management de Vale interesantes, comentadas en la conference de ayer:

Well, regarding our strategy of diversification, we put it very clearly that is important for Vale to be diversified, to be less dependent upon solidly iron ore. That remains the same. Having said that, we have had already invested a huge amount of money in base metals, mainly in nickel and we are doing a tremendous effort to see if we can make it much more profitable and therefore to see if it can become a real diversification for us. Before, starting to discuss further investments. As I answered to the last question that was made, our priority is to deleverage now, it's not to invest in other stuff. But we have a big opportunity in front of us. And more than an opportunity, I would say that we have an obligation. We have the make these base metals division profitable and really profitable, and that's what we are aiming as a first indication of diversification.

In terms of supply, I spoke about this in the prior call. We see reduction of seaborne in the market as the years go by. In 2016, $115 million, the price was $60 on average. In 2017, we see it will be the $60 million, but price will be around $70. And for 2018, the forecast is that we'll have $50 million and this new supply side coming to the market and Vale is responsible for a good part of that. And this is something that people tend to forget. A lot of people exiting China, whom we believe was getting to a stable level, we forget that this supply chain reform that is happening in steel companies, steel mills is also happening with their domestic mines, there were 3,900 mill – actually more than 3,900 mines working, operating. And so that we believe that 20 million tons to 25 million tons of ore will disappear in China's domestic market and that stimulates the entry of seaborne, will absorb seaborne.

So if we put all of that together, a good demand, less new supply in seaborne. Everyone has got their cards on the table. There's no big project coming in. And another thing, inventories at ports are totally in balance. People claim that there is a lot of inventory, but half of the inventory is not used because it's quality ore. Now if you put all of that together, we believe that the market will continue to be balanced. Despite these reductions, the market will continue to be balanced in 2018.

[sanchudokuba]

Por el momento parece que el ewz reboto donde debía hacerlo y vale también, si el io nos da una mano la semana que viene, arrancamos.

[CIRUZZO EL MILLONARIO]

Una momia el cedear.. Lo planchan todo el día.. Antes dan abajo del coontado, haber un rato era al revés.

Corrector del orto..

Quise decir, ahora dan abajo del ccl y hace un rato era al revés.

[NuevoPobre]

con un IO en -2 esta queda neutra, cuando empiece a subir de nuevo esto estalla.

[CIRUZZO EL MILLONARIO]

Una momia el cedear.. Lo planchan todo el día.. Antes dan abajo del coontado, haber un rato era al revés.

[FedeAndres]

Volvimos a los 2 dígitos. Bien cómo aguanta incluso con la baja del IO. Se ve que se dieron cuenta que esto es un regalo

[hipotecado]

Veremos dijo un ciego

[dosinaga]

no se subió, ahora lo pongo

[dosinaga]

triple piso, señal muy fuerte de reversión, arriba de u$s 10,15, donde convergen las ema y dos niveles de fibo, pondría una moneda

Si quieren más gráficos, datos y estadísticas, les dejo mi twitter:

https://twitter.com/dosinaga2

[garralaucha]

El rebote del gato muerto...

[hipotecado]

Barrera en 10

[hipotecado]

Otra vez en 10 a ver qué hace ahora

[novatoo]

Va queriendo.

[pipioeste22]

naaa, hoy no es nada

ayer hizo 30 palos la local

[hipotecado]

Afuera no está tan mal

Ahora acá se tiran x la ventana p salir ,,,