Vale Sets Highest Quarterly Iron Ore Output Since 2018 as Copper Rises and Nickel Softens

Overview

• Iron ore production reached 94.4 million tonnes in Q3, the strongest quarterly level since 2018, with sales of 86 million tonnes and a realized fines price of US$94.40 per tonne, up 4.2% year over year.
• S11D delivered 32.6 million tonnes, up 6.7% year over year, offsetting weaker Serra Norte volumes, while output in Minas Gerais benefited from Brucutu’s fourth processing line, Capanema’s ramp-up, and improved performance at Vargem Grande.
• Pellet production fell 22.8% to 7.9 million tonnes as the São Luís plant entered maintenance with no restart expected in 2025, and pellet feed was redirected to fines sales to optimize value.
• Copper production rose 5.7% to 90.8 thousand tonnes and sales climbed 19.7% to 90 thousand tonnes, with a realized copper price of US$9,818 per tonne.
• Nickel production edged down 0.6% to 46.8 thousand tonnes as sales increased 5.7% to 42.9 thousand tonnes, supported by a record at the Long Harbour refinery despite Copper Cliff maintenance and the start-up of Onça Puma’s second furnace; the realized nickel price fell 9.2% to US$15,445 per tonne.