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Vale Lowers Production Guidance in Boost to Iron-Ore Rebound

  • Company anticipates only modest production growth next year
  • Brazilian mining giant also trimmed projection for this year
Updated on

Vale SA just gave some much needed supply-side support to a nascent recovery in iron ore prices, trimming its production guidance for this year and issuing a lower-than-expected projection for next year.

The world’s second-largest producer of the steelmaking ingredient now expects to produce 315-320 million metric tons this year, compared with previous guidance of 315-335 million tons. Next year, Vale anticipates 320-335 million tons compared with a 346 million-ton consensus among analysts.