Vale SA, the world’s second-largest iron ore supplier, lowered its annual production guidance, giving a welcome boost to prices of the steel-making ingredient.
The Brazilian mining giant now expects to produce between 310 million and 320 million metric tons of iron ore in 2022, compared with a previous forecast of 320-335 million tons.
The Rio de Janeiro-based company delivered 74.11 million metric tons last quarter, missing the 76.9 million-ton average estimate among analysts tracked by Bloomberg. That compares with 63.9 million produced in the rain-affected first quarter and 75.7 million a year ago.
