Vale Output Disappoints in Fresh Blow to Tight Iron Market
- Annual ore guidance was maintained despite rail disruptions
- Company is reviewing its annual copper and nickel guidance
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Brazilian mining giant Vale SA produced slightly less iron ore than expected last quarter because of teething problems at a new plant in a fresh blow to an already tight global market for the steelmaking ingredient.
The world’s second-largest iron producer churned out 75.7 million metric tons in the second quarter compared with the 78 million-ton average estimate among analysts tracked by Bloomberg. The result was still up from both the previous three months and the Covid-impacted year-ago period.