Brazilian miner Vale posted a net profit of $1.275 billion for the third quarter of 2026, down from $2.695 billion in the same period of 2025.
Average realized FOB prices for the quarter were $85.10 per metric ton for fines and $134/mt for pellets, a 10 percent decline and a 2 percent increase, respectively, from Q3 2025.
Net sales revenue rose 2 percent to $10.599 billion, while production costs increased 20 percent to $7.940 billion. Gross profit fell 30 percent to $2.659 billion, and operating profit dropped 43 percent to $1.593 billion.
In Q3 2026, iron ore fines accounted for 61 percent of Vale's net sales revenue, pellets for 11 percent, and other ferrous minerals for 1 percent. Vale's other businesses, including copper and nickel, made up the remaining 27 percent.
By destination, Asia accounted for 66 percent of net sales revenue, with China alone representing 47 percent, followed by Europe (16 percent), South America (8 percent), North America (5 percent), and the Middle East (2 percent). Other destinations accounted for the remaining 3 percent.
Iron ore fines sales totaled 75.513 million mt in Q3 2026, while pellet sales reached 8.720 million mt and run-of-mine sales 2.052 million mt.
