(Bloomberg) — Vale SA said it will produce more iron ore this year than previously expected, even with prices trading near two-year lows as China’s steel slowdown weighs on the global market.
The world’s No. 2 iron ore supplier said in a Wednesday presentation to investors that it expects to produce 323 million to 330 million metric tons of the steelmaking ingredient this year, compared with a prior forecast of 310 million to 320 million tons.
The slowdown in top iron-ore consumer China hasn’t stopped large producers including Vale and Australian peers BHP Group Ltd. and Rio Tinto Group from delivering robust volumes to the market despite weakening prices. Iron ore futures have fallen by a third this year, with prices slipping below $90 a ton for the first time since 2022 earlier this week.
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