Company Reports

Vale's second quarter adjusted EBITDA of USD 4.1 billion increased 19% from a year ago and 4% from the prior quarter. Higher iron ore, copper, and nickel prices and volumes more than offset increased unit costs in the key iron ore business. It declared a BRL 2.03 (about USD 0.41) per share dividend.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

The copper price is broadly unchanged on last quarter, trading around USD 6 per pound, near historical highs. The iron ore price continues to trade in a narrow range and at around USD 100 per metric ton is also flat as Chinese imports remain strong despite falling steel production.

The market reacted unfavorably to Vale's 2026 first-quarter result. Adjusted EBITDA of USD 3.9 billion rose 21% on a year ago due to a doubling of earnings in its smaller base metals business. But shares closed down 6% on higher costs in the iron ore business, which delivered flat earnings.

The iron ore price is broadly flat compared with last quarter. While China's steel production in the first quarter of 2026 is down 5% year on year to about 250 million metric tons, its iron ore imports are up 11% to around 315 million metric tons.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

Vale's fourth-quarter 2025 adjusted EBITDA of USD 4.8 billion is up 17% on a year ago due to stronger copper and byproduct prices led by gold. In contrast, adjusted EBITDA of its key iron ore business is flat, with higher unit cash costs more than offsetting improved sales volumes and prices.

The iron ore price is up on last quarter as China's imports remain strong despite its steel production falling below 1 billion metric tons in 2025 for the first time since 2019. Its anti-involution campaign is reducing overcapacity, mainly via the closure of smaller, less efficient steelmakers.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

In third-quarter 2025, Vale saw increased iron ore sales volumes and prices on steady unit cash costs, along with an improvement in its base metals business. Adjusted EBITDA of USD 4.4 billion rose 17%, with shares finishing 2% higher on the day.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

The iron ore price has shrugged off re-escalation of the trade war between the United States and China, though copper is down moderately in response. Both are up about 10% since the last quarterly update of our assumed commodity prices.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

Vale's second-quarter 2025 adjusted EBITDA of USD 3.4 billion declined 14% on the same quarter of 2024. The main driver was 13% lower iron ore fines prices, partially offset by decreased unit cash and freight costs, and foreign exchange.

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

Shares of our iron ore, base metals, coal, and mineral sands miners have risen on last quarter after the shock of April 2, 2025 tariffs. With China driving demand for most commodities, investors appear to have concluded that tariffs wont materially weaken growth and commodity demand.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

Vale's first-quarter 2025 saw an average realized iron ore price of USD 91 per metric ton, 10% lower than a year ago. Adjusted EBITDA fell 8% to USD 3.2 billion. Lower unit iron ore costs, 4% higher volumes, and improved base metals earnings partially offset the lower realized price.

Gold is higher in the March quarter as worries over tariffs affecting economic growth see a flight to safety. Despite likely slower global growth, copper is up as investors try to get ahead of potential tariffs on US copper imports. Iron ore is flat, while metallurgical and thermal coal are down.