Miner Vale sees more iron ore to China and Brazil, sees costs rise

摘要

London—Miner Vale continues to expand iron ore product sales to China relative to Europe and Japan, while domestic demand in Brazil grew, according to a first quarter update Tuesday. During a period of lower iron ore production from a combination of weather and operating impacts as the miner recovered from a dam disaster a year earlier, Vale sold 34 million mt of iron ore and pellets into China during Q1. Brazil took 6.6 million mt of iron ore products last quarter, up from 6.3 million mt in Q1 2019.Vale sold 37.7 million mt of iron ore fines in Q1 on CFR terms, accounting for 73% of total iron ore fines sales, which was in line with Q1 2019, it said.