Steel prices today increased to 4,218 yuan / ton on the Shanghai Exchange. Brazilian miner Vale SA has lowered its ceiling for its 2021 iron ore production outlook to 320 million tonnes, down from a previous estimate of 335 million tonnes.
Steel prices today increased again
Steel price today delivered in May 2022 on the Shanghai Exchange increased by 77 yuan to 4,218 yuan/ton at the time of the survey at 9:00 (Vietnam time).
| Type name | Period | December 1st | Difference from previous transaction |
| Copper price | Delivered in January 2022 | 69.280 | -570 |
| Zinc price | Delivered in January 2022 | 22.910 | -5 |
| Nickel price | Delivered in February 2022 | 148.150 | -300 |
| Silver price | Delivered in June 2022 | 4.748 | -64 |
| Steel price | Delivered in May 2022 | 4.218 | +77 |
Futures trading price list of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
On Monday, Brazilian miner Vale SA lowered the ceiling for its 2021 iron ore production outlook to 320 million tonnes, down from a previous estimate of 335 million tonnes.
Iron ore chart at Shanghai exchange (Source: Shfe)
During a presentation to investors at the New York Stock Exchange, Vale SA also said that its 2022 iron ore production is expected to reach between 320 million tons and 335 million tons.
Vale expects its iron ore production capacity to stand at 370 million tons by the end of 2022 compared with 341 million tons at the end of 2021, while its long-term goal is to reach production capacity between 400 million tons and 450 million tons.
At the same time, the company also estimates its nickel production to reach about 175,000-190,000 tons in 2022, while its copper production is expected to reach 330,000-335,000 tons in the same period.
Vale’s chief financial officer, Gustavo Pimenta, said the company had agreed to cut costs by an additional $1 billion over the next 24 months. The reduction will be done mainly through the elimination of inefficiencies in the organizational stage.
During the pandemic, Vale SA drastically downsized its central offices in Rio de Janeiro, returning several floors to help create a permanent flexible working system.
Photo: London Metal Exchange
Vale SA said its investment costs are expected to reach $5.8 billion next year. The company expects to invest an average of $5 to $6 billion in the coming years, but did not give a specific timeframe.
At the same time, the mining company also announced revisions to its plan to remove upstream dams in Brazil, a type of construction used in iron ore production that has caused two deadly disasters in recent years. .
Vale said there are still 31 operating dams that are considered unstable to some degree. Therefore, they plan to reduce that number to 9 by December 2025, Reuters reported.
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