Brazilian mining giant Vale produced 94.4 million metric tons (mt) of iron ore in the third quarter of 2025, marking a 3.8% increase compared with the same period in 2024. In contrast, pellet production fell by 22.8% year-on-year to 8.0 million mt.
According to the company, the rise in iron ore output represents Vale’s strongest quarterly performance since 2018, supported by a record production level at the S11D complex in northern Brazil and continued progress in key expansion projects. The decline in pellet output, however, reflected challenging market conditions and the early maintenance shutdown of the São Luis pellet plant, which is not expected to resume operations in 2025.
Iron ore sales totaled 86.0 million mt, up 5% year-on-year, while the average realized price increased, buoyed by a $1.8/mt rise in fines premiums.
In the Northern System, the S11D mine achieved its highest-ever third-quarter production of 23.6 million mt, offsetting part of a 1.5 million mt decline at Serra Norte, where output was constrained by limited run-of-mine availability but partially balanced by product mix optimization.
In the Southeastern System, output grew by 1.1 million mt, driven by the commissioning of Brucutu’s fourth processing line and the ramp-up of the Capanema project, which reached 2.9 million mt in the quarter. However, production at the Itabira Complex fell due to higher maintenance activity.
In the Southern System, production rose by 1.0 million mt, supported by improved operations at the Vargem Grande Complex, benefiting from the VGR1 project ramp-up and reduced maintenance downtime.
On the pricing front, the average CFR price for iron ore fines increased by 4.2% to $94.4/mt, while pellet prices dropped by 11.7% to $130.8/mt.
