Iron Giant Vale Beats Output Estimate in New Blow to Prices
- Dry weather in north Brazil helps Vale deliver bumper quarter
- Base metal production also surges ahead of spin-off decision
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Vale SA, the world’s No. 2 iron ore producer, churned out more of the steelmaking ingredient than expected last quarter to add further pressure to prices that have been battered by recession fears.
The Brazilian mining giant produced 89.7 million metric tons, topping the 87.2 million-ton average analyst estimate. The result was also well ahead of the previous three months and slightly more than a year ago. Vale also saw sharp gains in nickel and copper output.