Brazilian miner Vale SA aims to expand its business in India by increasing shipments and exploring opportunities to blend and trade iron ore locally. 

Rogerio Nogueira, Vale's Executive Vice President of Commercial and Business Development, said India offers potential not only for sales but also for sourcing and redistributing ore to better markets.

Vale expects India's steelmaking capacity to more than triple to 500 million tons by 2050, with its own sales in the country set to grow 50% to around 15 million tons this year. 

Vale sees India's domestic steel output growing faster than iron ore production, making the country a key growth market as China's steel output plateaus.