Vale’s Q1 iron ore production slumped 22.5% from Q4 (NYSE:VALE)

Vale’s Q1 iron ore production slumped 22.5% from Q4 (NYSE:VALE)

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Vale (NYSE:VALE) reported Q1 iron ore production fell 6% from a year ago and tumbled 22.5% compared to Q4 2021, coming in at 63.9M metric tons, as heavy rains in January in Brazil’s Minas Gerais state temporarily shut down production in the company’s South and Southeast System operations.

In its latest quarterly production report, Vale (VALE) also said its Q1 production of iron ore pellets, a premium product, rose 10.1% Y/Y but slid 23.7% Q/Q to 6.9M tons.

Iron ore sales in the quarter fell 9.6% Y/Y and 35.5% Q/Q to 53.6M tons, and iron ore pellet sales rose 11.8% Y/Y while falling 32.3% Q/Q to 7M tons.

Also, nickel output slipped 5.6% Y/Y to 45.8K tons while total nickel sold slid 19% to 39K tons, and copper production fell 26% Y/Y to 56.6K tons while total copper sold slumped 29% to 50.3K tons.

Vale (VALE) also noted that heavy rains in March shut down for four days the rail line connecting Vale’s Carajas production system with the port of Ponta da Madeira.

Vale (VALE) “has a great opportunity to be the primary ore and mineral supplier for most of the west,” Sandis Weil writes in a bullish analysis published on Seeking Alpha.

Originally Posted on: https://seekingalpha.com/news/3824541-vales-q1-iron-ore-production-slumped-225-from-q4?source=feed_tag_commodities
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