Vale raises iron ore production guidance for 2024

Mysteel Global: The Brazilian mining giant Vale now expects to produce 323-330 million tonnes (mnt) of iron ore for the full year 2024, higher than its previous target of 310-320 mnt, according to its latest press release on 11 September.

The miner's iron ore output during the first half of this year (H1CY'24) totalled 151.4 mnt, logging an increase of 4.1% on year, as reported. The robust performance had reinforced Vale's confidence and commitment to meet the top end of its prior 2024 guidance, the company said at its second quarter earnings call.

The latest increase in Vale's annual iron ore output target could add to the supply surplus of the steelmaking material in the global market, while steel mills' demand for the feed ore has slowed down in China, the world's top iron-ore consumer, some market pundits expressed their concerns.

Meanwhile, Vale lowered its guidance for nickel output in 2024 to 153,000-168,000 tonnes (t), compared with a previous range of 160,000-175,000 t, the release said.

Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.