The Brazilian miner, Vale, produced 94.403 million mt of iron ore in Q3 2025, 3.8 percent more than in Q3 2024. On a comparative basis, the production of pellets declined by 22.8 percent to 7.997 million mt.
According to the company, the production of iron ore achieved the highest quarterly volume since 2018, reflecting a new quarterly record at S11D mining complex, in the north, and the continued ramp-up of key projects. For pellets, the lower production reflects the market conditions, leading to the premature stoppage for maintenance of the São Luis pellet plant, which is not expected to return to operation in 2025.
Iron ore sales reached 85.997 million mt, up by 5 percent, while the average price increased, led by higher realized iron ore fines premiums, up by $1.8/mt.
In the Northern System, S11D achieved its highest ever third-quarter output, reaching 23.6 million mt, while at Serra Norte the production declined by 1.5 million mt, which remains impacted by run-of mine availability, partly offset by the positive effects of the product portfolio adjustment in the mine plan.
In the Southeastern System, production increased by 1.1 million mt, driven by the commissioning of Brucutu's fourth processing line and the Capanema project ramp-up, which reached 2.9 million mt output in the quarter, while at the Itabira Complex, production declined due to increased maintenance activities.
In the Southern System, production increased by 1.0 million mt, due to the improved performance at the Vargem Grande Complex, driven by the VGR1 project ramp-up and reduced maintenance downtime.
The average CFR price achieved for iron ore fines increased by 4.2 percent to $94.4/mt, while pellets pricing declined by 11.7 percent to $130.8/mt.