Brazil’s Vale reports decrease in Q1 iron ore output
SAO PAULO (Reuters) -Brazilian miner Vale SA first-quarter iron ore manufacturing fell 6.0% from the earlier yr, hit by heavy rainfall in January in Minas Gerais state which curbed its important manufacturing.
The corporate’s iron ore output was 63.9 million tonnes within the interval, down 22.5% from the ultimate quarter of 2021.
Manufacturing was decrease additionally on account of main upkeep companies, which must be optimistic for the remainder of the yr, permitting Vale to take care of its annual steering of 320-335 million tonnes of iron ore.
The miner bought 53.6 million tonnes of iron ore within the quarter, down 9.6% year-on-year. Together with pellets, whole iron ore gross sales quantity was 60.6 million tonnes with a premium of $9 per tonne over benchmark iron ore with 62% iron content material.
Vale stated its nickel manufacturing for the quarter fell 5.4% to 45.8 thousand tonnes, whereas nickel gross sales fell 18.8%.
The lower was on account of Vale’s stock technique to cowl gross sales commitments throughout a deliberate upkeep interval within the Sudbury mine anticipated for the second quarter.
(Reporting by Peter Frontini; Enhancing by Leslie Adler and Lincoln Feast.)
