Reuters
Published Apr 19, 2022 06:05PM ET
Updated Apr 19, 2022 06:20PM ET
SAO PAULO (Reuters) -Brazilian miner Vale SA (NYSE:VALE) first-quarter iron ore production fell 6.0% from the previous year, hit by heavy rainfall in January in Minas Gerais state which curbed its main production.
The company's iron ore output was 63.9 million tonnes in the period, down 22.5% from the final quarter of 2021.
Production was lower also due to major maintenance services, which should be positive for the rest of the year, allowing Vale to maintain its annual guidance of 320-335 million tonnes of iron ore.
The miner sold 53.6 million tonnes of iron ore in the quarter, down 9.6% year-on-year. Including pellets, total iron ore sales volume was 60.6 million tonnes with a premium of $9 per tonne over benchmark iron ore with 62% iron content.
Vale said its nickel production for the quarter fell 5.4% to 45.8 thousand tonnes, while nickel sales fell 18.8%.
The decrease was due to Vale's inventory strategy to cover sales commitments during a planned maintenance period in the Sudbury mine expected for the second quarter.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.