Tito Martins, chief financial officer of Brazilian mining giant Vale, said that due to strong demand for raw materials in Asia, iron ore and pellets sales in 2012 will likely increase by 4.3%, from 299 million tons last year to 312 million tons. Martins said iron ore prices will not fall sharply in 2012 as demand from Asia, especially China, remains strong and supply is tight. Iron ore demand will also be stronger than last year. Sales to China in 2011 accounted for 32% of the company's revenue in 2011. It is expected to continue to increase its market share in China this year. He said: "In 2011, China's iron ore imports increased by 11% to 68,700 tons, accounting for 65% of global seaborne trade. China and other Asian countries will become our main market. Due to the European debt crisis and real estate investment is slowing down. Internal uncertainty, the Chinese economy is facing the risk of a weak export market, but China's domestic consumption will help support economic development without a hard landing. He also said: "We believe that some Chinese ports will soon allow Large ore ship docked. "But he did not give a specific timetable. Before the Chinese port lifted restrictions on large ore carriers, the company is developing new options to deal with the delivery of iron ore to China, including the construction of iron ore in Subic Bay, Philippines. The transshipment center will transfer iron ore from large ore vessels to slightly smaller vessels and ship them to China and other Asian countries. The company is also building an iron ore distribution center in Perak, Malaysia, which is expected to be put into operation in 2014. Vale 2011 The company achieved good results, with operating income of US$60.389 billion, up 29.9% year-on-year; net profit of US$228.85 billion, up 32.6% year-on-year. Net profit for the fourth quarter of last year was US$4.672 billion, down 21% year-on-year and 5.3% quarter-on-quarter.
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