Brazilian mining company Vale SA is cautiously optimistic about Steel demand in China, despite declining indicators. The company's vice president of iron ore solutions, Marcello Spinelli, said that although steel demand in China is decreasing, it is not as dire as some analysts suggest. Spinelli pointed out that there is a divergence between the decline in steel demand and the property numbers in the construction sector. Vale is heavily dependent on sales to China, with China buying 63% of its iron ore and pellets last year. Spinelli also highlighted low iron ore and steel inventories as supporting the market.

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