Vale predicts that iron ore supply and demand is "very tight" and that there is an upward risk in prices.

(FAP)-- Marcelo Spinelli, head of iron ore solutions at Vale, the world's second-largest iron ore producer, said on a conference call on Thursday that the company expects demand to grow slightly faster than supply. 'The supply and demand situation will bring upside risks to prices, or at least stability,'he said. "in the short term, we expect a rebound," he said. He also said the company is confident of achieving an iron ore production guidance of 3.1-320 million tons by 2023.