Vale Exceeds Q2 Iron Ore Forecast With 83.6 Million-Ton Output

Vale SA produced 83.6 million metric tonnes of iron ore in the three months ended 30 June, surpassing the roughly 82 million-tonne consensus and marking its strongest quarterly performance since 2021. The increase—about 4% from a year earlier—was driven by record output at the company’s flagship Carajás complex in Brazil’s Amazon region, including the S11D mine, and the start-up of new assets in Minas Gerais. Despite the higher volumes, the Rio de Janeiro-based miner said iron-ore sales lagged production and the average realised price slipped to US$85.1 a tonne amid weaker steel-mill margins. Vale kept its 2025 production guidance of 325-335 million tonnes unchanged and signalled continued focus on offering a wider range of ore grades to defend margins. Iron ore still generates about 80% of Vale’s revenue, but the company reported sharp gains in other metals: nickel output rose 44.4% and copper 17.8% from a year earlier. Vale is scheduled to release full financial results on 31 July.