Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
RIO DE JANEIRO/BRASILIA, April 16 (Reuters) – Brazilian miner Vale SA said on Monday that total iron ore output slipped 4.9 percent year-on-year in the first quarter to 81.95 million tonnes, although the company maintained its 390 million tonne target for 2018.
The world’s top iron ore producer said that heavy rains in the first three months of the year impacted its output.
Meanwhile, iron ore sales rose 9 percent in the quarter compared to the same period last year, the company said in a securities filing.
The northern system, comprising its Carajás and S11D mines, boasted output of 40.6 million tonnes of iron ore, a record for the quarter.
Pellet production grew 2.9 percent to 12.78 million tonnes, while sales of the product used for steel production rose 4.3 percent.
(Reporting by Marta Nogueira and Jake Spring; Editing by Chizu Nomiyama and Frances Kerry)
