Vale Posted Highest Iron Ore Output Since 2018

SEATTLE (Scrap Monster):  Leading Brazilian miner Vale announced production and sales report for 2024.

Despite a drop in Q4 output, the company's iron ore production for the year reached its highest level since 2018. In 2024, production increased by around 2% annually to reach about 328 million metric tons. This year, the business anticipates producing 325 million to 335 million tons of iron ore.

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At 85.3 million tons, iron ore production fell 4.6% year over year in Q4 of last year. Additionally, sales of iron ore fell by nearly 10% to 81.2 million tons in Q4 2024 compared to the same period the previous year, mostly as a result of lower sales of high-silica goods. According to a statement from Vale, the realized price of iron ore fines averaged about $93 per ton for the quarter, down roughly 21% year over year but up almost 3% from Q3 2024.

The record performance at S11D was the primary driver of the 3.1 million tonnes increase in Northern System production over the previous year. Production at Southeast System increased by 0.5 million tonnes annually as a result of the commissioning of the fourth processing plant at Brucutu. However, production from Pelotas and the Southern System decreased by 0.7 and 7.7 million tonnes, respectively.