Leading Brazilian iron ore miner Vale SA lowered its production guidance for the current year. The move is expected to support the prices of the steel-making raw material.
Vale, the world's largest producer of iron ore and nickel, expects iron ore production to total around 310-320 million metric tons in 2022. This is much lower than the earlier forecast of 320-335 million metric tons.
The company noted that the current market conditions had forced the company to seek greater flexibility in production. It noted that the sale of its operations in the Midwestern System has also . . .