According to the latest prediction from Vale S.A. (Vale), a Brazilian multinational corporation engaged in metals and mining, it has downgraded its iron ore output expectation for this year and 2022 on November 30.

By the prediction, Vale expected its iron ore output to be between 315 million tons and 320 million tons, slightly lower than the previous expectation’s 315 million tons to 335 million tons. For next year, the output might be between 320 million tons and 335 million tons, lower than the market expectation.

In recent months, the iron ore price has faced dramatically decline, and Vale also decided to stop offering low-quality iron ore, to ensure its profit.