Vale (NYSE:VALE) reported Tuesday that Q2 iron ore production rose 17.4% Q/Q but fell 1.2% from a year earlier to 74.1M metric tons, and the miner lowered FY 2022 iron ore production guidance due to the sale in April of its Center-West system assets.
The world’s second largest iron ore producer now expects full-year iron ore output of 310M-320M metric tons, trimmed from a prior estimate of 320M-335M tons, as well as full-year copper production guidance to 270K-285K tons from 330K-355K tons previously, due to longer than expected maintenance at one of its sites, and a separate scheduled maintenance at another.
In its Q2 production report, Vale (VALE) also said copper production slumped 24% Y/Y to 55.9K metric tons, and nickel output slid 16% to 34.8K tons.
Q2 production of iron ore pellets jumped 25% Q/Q and 8/3% Y/Y to 8.7M metric tons.
Plagued by weak economic growth in China, iron ore prices recently plunged below $100/metric ton to their lowest since December.
