Vale cuts iron ore production forecast for 2022
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Update time : 2022-07-22 21:37:52
This Tuesday, the world's second-biggest iron ore producer, Brazilian Vale, cut its 2022 iron ore output forecasts from 320-335 million tons to 310-320 million tons.
Vale said the forecast adjustment was due to the sale of its operations in the Midwest System and said it is seeking greater flexibility in production given current market conditions.
Vale's rivals, such as BHP, have also pointed out the more challenging market conditions for the sector as fears of a global economic slowdown hurt steel demand.
