Vale, Brazil’s top iron ore giant, saw a resounding rally in the June quarter. So much so that it has snatched the name of the world’s leading manufacturer from Rio Tinto (ASX:RIO).
However, Rio Tinto maintained its name as the top iron ore exporter at the end of June.
According to Vale’s quarterly report released on Tuesday, the company reported a solid 2. 4% increase in iron ore production during the June quarter, up to 80. 3 million tonnes, from last year.
Production capacity in the second quarter was also approximately 14% higher than the 70. 8 million tonnes produced in the March quarter, when operations were affected by inclement weather.
Vale’s output just ahead of Rio, which announced on Tuesday it had produced 79. 5 million tonnes of ore in the three months to June 30.
Vale also reported a sharp increase in sales, reaching 79. 8 million tonnes, compared to 63. 8 million tonnes in the depressed March quarter and 73. 4 million tonnes in the June quarter of 2023.
However, a portion of Vale’s sales is diverted to pellets and the rest is sold as fines, while Rio basically exports fines and some parts to Japanese steel mills.
On this basis, Vale’s fines sales totaled 63. 8 million tons, 30% more than in the first quarter and 8% more than in the June quarter of the year.
Rio is well ahead of that figure and said in Tuesday’s report that it shipped 80. 3 million tonnes, usually fine, from its Pilbara operations in the three months ended June 30, up from 78 million tonnes in the first quarter. higher than the figure for June 2023.
During the semester ended June 30, Vale reported sales of 143. 6 million tons, 10% more than in the first part of 2023.
Rio’s half-year output of 157. 4 million tonnes was down 2% from last year.
Rio maintained its 2024 forecast of between 323 million tonnes and 338 million tonnes, ahead of Vale’s forecast of 310 million tonnes to 320 million tonnes.
Based on this, the two mining giants expect a significant increase in production and sales in the second part of the year.
To meet the lower end of its forecast, Vale plans to produce around 167 million tonnes. To meet the lower end of its forecast, Rio will need to produce more than 166 million tons.
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