Vale’s iron ore output totaled 68.0 million tonnes in 1Q21, 14.2% higher than in 1Q20, but down 5.5% compared to 72 million tonnes average analyst estimate.
According to the company, the year on year growth is attributed to the gradual resumption of halted operations in Timbopeba, Fábrica, and Vargem Grande complexes in Minas Gerais state throughout 2020, stronger performance in Serra Norte in Pará state, lower rainfall in January, and the restart of Serra Leste operations, also in the Northern System.
The ramp-up means Vale has an outsized impact on prices in a tight market, especially after Chinese steel output jumped in March.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
