Vale loses iron ore market share after Brumadinho

Vale loses iron ore market share after Brumadinho

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Brazilian miner Vale lost between 20 to 25 percent its global iron ore market share following the Brumadinho incident in January 2019, according to analysts in report from Valor.

Vale reportedly lost about 70 million mt of iron ore due to Brumadinho, and the missing demand was supplied by Australian producers. Vale produced 301.9 million mt of iron ore in 2019, 21.5 percent down, year-on-year, from 384.6 million mt in 2018.

Vale’s ferrous director, Marcello Spinelli, told Valor the company expects to sell iron ore to China at levels that are similar to 2019.

Additionally, Vale has recently revised its iron ore production guidance to 2020 to 310-330 million mt, from 340-355 million mt.

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