China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Brazil’s Vale (NYSE:VALE), the world’s No.1 iron ore miner, said output of the steelmaking material hit a fresh record high in the third quarter as its massive S11D mine in the Amazon continued to ramp up towards achieving full production in 2018.
The Rio de Janeiro-based company said iron ore production rose 3.3% compared with the same period last year to hit a fresh quarterly record of 95.1 million tonnes.
Sales volumes in the three months ended in October were lower than production volumes, implying a slight inventory build-up as a result of operational needs and market strategies. However, the sales/production volume ratio was higher than in the previous quarter of the year, it said.
Vale reiterated its output guidance for the year of between 360 million and 380 million tonnes of ore.
The mining giant, which is currently looking to sell a few of its loss-making operations, also saw nickel output climb to 72,700 tonnes, or 10.2% higher than in the previous quarter.
2 Comments
King Blonde
So, I do not understand why people are buying Fakebook shares instead of Vale. Or they think that we will be mining iron for the next 500 years or clicking likes in 10 years?
Altaf
With record high production, low cost big ships for transport to China, high prices, it is a win win for Brazil.