Vale exported 148 million tons of iron ore in January-August

In January-August 2023, the Brazilian mining company Vale increased the export of iron ore by 0.6% y/y – up to 148 million tons. SteelOrbis informs about it with the reference to Sinferbase data.

In August 2023, the volume of iron ore exports increased by 3.9% compared to the previous month and decreased by 1.9% by August 2022, to 23.54 million tons.

Sales of iron ore on the domestic market in August 2023 increased by 7.7% y/y and decreased by 7.7% m/m – to 2.04 million tons. In 8 months, this indicator increased by 9.3% compared to the same period last year – up to 16.8 million tons.

As GMK Center reported earlier, Vale expects that in fourth quarter of 2023 global iron ore sales and prices will be slightly higher than in the previous quarter. In the third quarter, the Brazilian company sold 69.71 million tons of iron ore compared to 65.38 million tons in the same period of 2022. Base prices for raw materials with 62% iron content rose to $114/t from $103.3/t in July-September 2022.

Also, Vale announced that it expects to start in 2024 construction of megahubs in the countries of the Middle East for the production of iron ore products with a low carbon content. The first of them will start working in 2027. Last year, the company announced plans to develop businesses in Saudi Arabia, the UAE and Oman. The products coming from them will include hot briquetted iron for local and foreign markets.