But analysts remain cautious on the near-term outlook for the iron ore market amid continued woes in China’s economy.

Vale said last week that it has installed conveyor systems for its S11D project in the country. The month earlier saw Vale complete the rail system that will carry the ore to the marine terminal at Ponte da Madeira.

With the conveyor and rail systems finished, Vale says the S11D is 80% complete and should be fully ready by the fourth quarter of this year.