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Vale further decreases FY'19 iron ore pellet guidance due to market conditions

Vale SA further decreased its full-year production guidance for iron ore pellets to 43 million tonnes from the previously revised 45 Mt, citing temporary market conditions.

The mining giant said Sept 26 that the change will not affect its 2019 iron ore and pellet sales target of between 307 Mt and 332 Mt. It expects to hit the midpoint of that range.

Vale said the revision is in line with its strategies of focusing on margins over volumes, and efficient capital allocation.

The company posted a 33.8% year-over-year decrease in iron ore production for the second quarter, coming in at 64.1 Mt.