Brazil's mining company Vale, the world's second-largest iron ore producer, expected to produce between 323 and 330 million tons of iron ore in 2024, up from the previous forecast of between 310 and 320 million tons.

Vale raised its forecast for this year due to improved results in the first half, the effects of improved processes and logistics, and positive margins across all operations, despite the prices for the steel ingredient being at a two-year low as a slowdown in China's steel sector put pressure on the global market.

Besides, Vale has lowered its nickel production forecast for this year from between 160,000 and 175,000 tons to between 153,000 and 168,000 tons.