Reuters cited Mr Murilo Ferreira CEO of Brazil's Vale SA as saying that he expects iron ore prices to range between USD 110 per tonne and USD 140 per tonne next year.

Spot iron ore prices were at USD 116.90 per tonne last week. That was their lowest level since mid October but significantly higher than the 3 year lows below USD 90 per tonne hit in September due to weakening Chinese demand.

Mr Ferreira said that "We have to look at what happens on the supply side and demand. But I think it's fair to say that the price will stay in the range of USD 110 to USD 140."