Brazilian mining company Vale reported 88.4 million mt of iron ore production in the third quarter of 2026, down 6% year on year, mainly due to reduced run-of-mine availability at its Serra Norte operations.
The decline was partially offset by record quarterly production at Serra Sul and additional volumes from the Capanema and VGR1 projects. Meanwhile, iron ore pellet production increased 7% year on year to 8.6 million mt.
Despite lower quarterly output, Vale maintained its full-year production guidance of 335–345 million mt of iron ore and 30–34 million mt of pellets. The company expects iron ore production to reach the lower end of its forecast range, while pellet output is projected to reach the midpoint.
Vale also advanced its expansion projects during the quarter. The Compact Crushing project began operations, while the Serra Sul +20 project continued ramping up. Together, these initiatives are expected to increase production capacity at the S11D complex by 20 million mt annually and improve operational flexibility from 2027.
Operations at the Fábrica mine also resumed in September after meeting safety, environmental and licensing requirements.
Financially, Vale reported a 53% year-on-year decline in Q3 net profit to $1.26 billion, reflecting lower iron ore prices and higher operating costs, including freight.
VietnamSteel by Hoa Sen Group
