SUPPLY

摘要

Vale reported fourth quarter 2020 iron ore output at 84.5Mt, which is lower than market estimates. This is a decline of 5% from the third quarter and is mainly attributed to higher rainfall levels and tailings disposal restrictions in Southeastern System in Brazil. Vale ended 2020 with 322Mt of production capacity and expects to achieve 350Mt capacity by the end of 2021. The company experienced delays in opening new mining fronts in Serra Norte and had a 4-month stoppage of Fazendao site. Vale's pellet production declined mainly due to lower pellet feed availability from Itabira and Brucutu, maintenances in Tubarao 6 in November.