Brazilian mining giant Vale has raised its iron ore production forecast for 2024. Despite the challenges in the global market, the company expects production to be between 323 million and 330 million tons, up from its previous range of 310 million to 320 million tons.
Vale revised its production forecasts upwards, thanks to improvements in the first half and process improvements, in an environment where the slowdown in China's steel industry put pressure on the global market and steel raw material prices decreased their lowest levels in two years. The company realized this increase on the back of logistics improvements and favorable developments in operational margins.
On the other hand, Vale also revised its nickel production forecast. The company announced that nickel production has been reduced from 160,000 to 175,000 tons to 153,000 to 168,000 tons this year.
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