Brazilian miner Vale targets to produce 320-335 million tonnes of iron ore in 2022 despite weaker production in the first quarter, Sima Sheng, executive vice president of Vale's iron ore business, said in a video meeting with Luo Tiejun, vice president of China Iron and Steel Association, on May 13.
Vale's iron ore production dropped in the first quarter due to heavy rainfalls but started to rebound in the second quarter, and will accelerate in the second half of the year to meet the target, Sima Sheng said.
The company has been restoring 100 million tonnes of annual production capacity and launched many new projects to deliver its medium-term output goal of 400 million tonnes, he said.
Raw steel-making material prices, which had been boosted by strong expectations before the spread of the epidemic, retreated due to weak demand and government measures to stabilize supply amid the recovery of logistics and industrial supply chain, Luo Tiejun said during the conference.
China will continue to reduce crude steel output this year, which is expected to further promote the return of raw material prices to rationality, Luo said.
(Writing by Emma Yang Editing by Tammy Yang)
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