Vale Is Ramping Up Faster Than Thought in New Blow to Iron Bulls
- Company’s newer mines in northern Brazil posted record output
- Rescheduled maintenance work dragged down nickel production
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Vale SA produced more iron ore than expected last quarter amid a record haul at its newer mines in northern Brazil, in the latest sign of rising supplies that have stalled a rally in prices.
The Rio de Janeiro-based company reported third-quarter production of 88.7 million metric tons, its best result in almost two years and ahead of the 85.7 million-ton average estimate among six analysts surveyed by Bloomberg.