Vale boosts full-year forecast for iron ore production

Vale (NYSE:VALE) +2.3% in early trading Wednesday after raising its FY 2024 iron ore production forecast, even as iron ore prices are trading near their lowest in nearly two years.

Vale (VALE) said it expects to produce 323M-330M metric tons of iron ore in 2024, compared with a previous forecast of 310M-320M tons, at all-in costs of $3,300-$3,800/ton.

The miner also guided for full-year nickel production of 153K-168K tons, at all-in costs of $15K-$16.5K/ton.

Iron ore futures in Singapore briefly sank below $90/ton this week, slumping by about a third YTD, as China’s steel slowdown leaves the market with too much supply of the raw material.