Vale cuts guidance for 2020 iron ore pellet output

摘要

London—Brazilian miner Vale has cut its guidance for iron ore pellet production this year to 44 million mt, 10% lower than its estimate for 2020 shipments in December due to lower availability in suitable iron ore feeds. Vale in December had said it expected to ship 49 million mt of pellets in 2020, up from 43.2 million mt in 2019. Its pellet output in 2019 fell 15% to 41.8 million mt. Weaker global demand saw contract pellet premiums fall last year to a multi-year low.