SAO PAULO/RIO DE JANEIRO (Reuters) -Iron ore production from Brazilian miner Vale fell 4.6% during last year’s fourth-quarter compared to the same period a year earlier, the company reported on Tuesday.
One of the world’s largest iron ore suppliers, Vale reported an output of 85.3 million metric tons in the three months ended in December, saying the decline followed its decision to prioritize the output of higher margin iron ore products.
In the full-year of 2024, the firm’s production of the steel ingredient came in at almost 328 million tons, up 2% from a year earlier. It expects to produce between 325-335 million tons in 2025.
Iron ore sales fell some 10% in the fourth quarter from a year earlier to 81.2 million tons, Vale said, adding that it decided to reduce sales of high silica products in the quarter to improve all-in premiums.
The average realized price of Vale’s iron ore fines was about $93 per ton in the quarter, down about 21% year-on-year, but increasing close to 3% from the third quarter.
(Reporting by Andre Romani in Sao Paulo and Marta Nogueira in Rio de Janeiro; Editing by Aida Pelaez-Fernandez)
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