Miner Vale believed that the iron ore prices will rise after the Winter Olympics Games in China that are scheduled to be held in February 2022, given that after the event China is likely the allow more of the country's steel producers to restart production capacity.

Vale's Executive Vice President of Strategy and Business Transformation Luciano Siani expected industrial activity in China to grow once the games are over, driving up iron ore prices.

However, Siani didn't see a big advance in prices. He expected that it should be between $90 and $120 or $130 per ton.