Vale´s Production Report for the first quarter of 2022 (1Q22) was
released on Tuesday, April 19th. Vale achieved in Iron Ore a solid
premium of US$ 9/t in 1Q22, the highest level since 2Q19, reflecting
Vale’s high-quality portfolio and a tight supply-demand balance of
high quality and low contaminant ores in the global market.
On a quarter over quarter basis, production was lower due to (i) the
heavy rainfall level in January in Minas Gerais; (ii) delays in
obtaining licenses, impacting ROM availability, mainly in Serra Norte;
(iii) a performance below expectation in S11D and Sossego; and (iv)
major maintenance which should benefit production on a year to go,
allowing Vale to maintain our expected annual Iron Ore production
guidance range for the year of 320-335 Mt.