July 21, 2016 / 11:22 AM / 2 years ago

Brazil's Vale sees iron ore output at low end of estimates this year

SAO PAULO, July 21 (Reuters) - Vale SA expects full-year iron ore output to come in at the lower end of estimates for this year, a sign that the world’s No. 1 producer of the mineral is effectively reining in production at low-margin facilities.

In a report released on Thursday, Rio de Janeiro-based Vale said iron ore output reached 86.823 million tonnes in the second quarter, 2.8 percent down from a year earlier. Production trends in the first six months suggest that annual ore output will end the year between 340 million tonnes and 350 million tonnes, near the bottom of official guidance, the report said.

Vale produced 345.9 million tonnes of iron ore in 2015. (Reporting by Guillermo Parra-Bernal Editing by W Simon)

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