Vale’s domestic iron ore sales fell by 16.2pc to 14.4mn mt in January-August from 17.2mn mt sold in the same period last year according to the Brazilian National Union of the industry of Iron and Base Metals (Sinferbase).

 

In August alone, the Brazilian miner’s domestic iron ore sales reached 1.88mn mt, down by 2.6pc from 1.93mn mt sold in the same prior-year period Sinferbase noted.

 

The company’s iron ore exports also decrease, falling by 7.9pc to 166.7mn mt in the first eight months of the year, from 181mn mt in January-August 2019. Vale exported 28.02mn mt of iron ore in August, down from 28. 98mn mt in the same month of 2019.

 

The South American company anticipates achieving an annual iron ore capacity of 400mn mt by intensifying production from all of its operations. The mining company’s current production capacity is 318mn mt a year.

 

Brazil’s crude steel production increased by 6.5pc to 2.70mn mt in August, from 2.53mn mt, produced the same month last year, according to the latest figures released by the World Steel Association.

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