Vale's Q1 iron ore output falls 11% on output restrictions, weather issues

Brazilian miner Vale’s output of iron ore dropped by 11.10% year-on-year in the first quarter of 2019, while sales fell by 22.20% in the same comparison, due to the tailings dam disaster at Brumadinho and unusual weather conditions.

The company produced 72.87 million tonnes of iron ore from January to March, down from 81.95 million tonnes in the first quarter of 2018, Vale said on Wednesday May 8. Fastmarkets’ index of spot market iron ore prices was $95.57 per tonne cfr Qingdao on May 8, compared with $72.07 per tonne cfr on January 2. Output disruptions affecting Vale in the first quarter have been among the main drivers behind the price escalation this year. But Vale’s iron ore sales volumes dropped by 22.20% in the first quarter, to 55.42 million tonnes, from 71.22...

Published

Felipe Peroni

May 08, 2019

19:20 GMT

São Paulo