Vale has cut its 2026 outlook for iron ore production, as demand for the key steelmaking ingredient cooled and supply from new mines in Africa entered the market.
The Brazilian company, one of the world’s largest producers of iron ore, said on Tuesday that production next year would be between 335mn and 345mn tonnes, below its earlier range of 340mn to 360mn tonnes.
In a presentation to investors in London, Vale said it expects “long term” prices to stay about $100 per tonne, partly supported by demand from India and south-east Asia. That is still more optimistic than most analysts, who expect the price to drop to $70-$80 per tonne over the next two years.
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