It was reported that Vale S.A. (Vale), a Brazilian multinational corporation engaged in metals and mining, revised downward its output forecast of iron ore from 350 million tons to 343 million tons for 2021 due to licensing issues at its Sistema Norte and Mutuca assets in Brazil and temporary restrictions on waste disposal at its Itabira mine.

However, the annual production guidance of 2021 was expected to achieve, with the volume from 315 million to 335 million tons, according to Vale. Besides, the delivery in the second half of this year was also predicted to exceed the volume in the previous year.