Brazil: Vale's iron ore production drops 4% y-o-y in Q3CY23; guidance intact
Brazilian miner Vale has logged a decrease of 3.9% y-o-y in iron ore production in Q3CY’23 (July- September 2023) due to lower run-of-mine production from the P...
Brazilian miner Vale has logged a decrease of 3.9% y-o-y in iron ore production in Q3CY'23 (July- September 2023) due to lower run-of-mine production from the Paraopeba complex and lower output from Serra Norte. The overall quality has improved with iron content increasing 87 bps y/y. This is a result of higher production at S11D.
However, pellet production increased by 11% y-o-y in the quarter as higher pellet feed output from Brucutu with the commissioning of the Torto dam, boosting pellet production.
Highlights
- Iron ore production was recorded at 86.23 mnt in Q3, down 3.9% y-o-y compared to 89.70 mnt in Q3CY'22. Output increased by 9.5% q-o-q as against 78.74 mnt in Q2.
- Iron ore sales stood at 69.71 mnt in Q3, up 6.6% y-o-y compared to 65.38 mnt in Q3CY'22. Sales increased by 10.1% q-o-q as against 63.32 mnt in Q2CY'23.
- Pellet output was recorded at 9.17 mnt in Q3, up by 11.1% y-o-y as against 8.25 mnt in Q3CY'22. Production rose by 0.7% q-o-q compared to 9.11 mnt in Q2CY'23.
Other highlights
- Vale's iron ore production guidance remains intact at 310-320 mnt for CY'23.
- Pellet production guidance for this year has been set at 36-40 mnt.