VALE's iron ore production, sales both rise in Q1 2024
The on-year production increase was driven mainly by the improved operating performance at S11D from Vale's Northern System where the iron ore output went up 1.4 million tonnes or 8.5% on year and touched the highest level for Q1 since 2020, according to the report. The continued asset reliability initiatives secured greater operational stability during the rainy season in the region.
During the past three months, the company's Northern System, Southeastern System, and Southern System all witnessed rises in their iron ore production, as reported.
Meanwhile, Vale's production of its premium product pellets posted a growth of 1.8% on year to reach 8.5 million tonnes in Q1, though the volume lost 14% from the previous quarter.
Despite the marked on-year gains in the first quarter, the miner still kept its 2024 full-year iron ore output guidance unchanged at 310-320 million tonnes, according to the report.
On the other hand, Vale sold 63.8 million tonnes of iron ore in Q1, recording a sizable increase of 14.7% compared to the same quarter last year, thanks to the absence of port loading restrictions that negatively impacted its port operations in the first quarter of 2023, as reported.
The average realized price for iron ore fines was $100.7/wmt in Q1, lower by a marked 7.3% on year and also lost 14.9% from the previous quarter, while that for pellets gained 5.8% on year and rose 5.2% on quarter to reach 171.9/wmt, according to the report.
Written by Anthea Shi, shihui@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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