SAO PAULO, July 23, 2026, 14:07 BRT – Vale shares advanced on Thursday after the company’s sales-price mix in the second quarter suggested a 20% increase in value.
- An early sales-value estimate for four products increased 20.3%, reaching $9.88 billion.
- Vale’s shares listed in New York rose 0.5% to $14.93 during early trading.
- Complete financial results for the second quarter will be released following the close on July 30.
Vale S.A. (BVMF:VALE3; NYSE:VALE) figures suggest a 20.3% increase in a straightforward proxy for quarterly sales value. Iron ore production was up just 0.8%.
The gap moves the investor focus from tonnes sold to price realization. Iron ore fines accounted for the biggest increase in dollar terms. Copper posted the quickest rate of growth.
Vale’s shares in New York increased 0.5% to $14.93 during afternoon trade. Trading remained open in both São Paulo and New York.
The initial estimate calculates reported sales by headline realized prices across iron ore fines, pellets, copper and nickel. The total stands at $9.88 billion, compared to $8.22 billion in the same period a year ago.
| Product | Q2 2026 estimate, $bn | Q2 2025 estimate, $bn | Change |
|---|---|---|---|
| Iron ore fines | 6.64 | 5.76 | +15.4% |
| Pellets | 1.06 | 1.00 | +5.8% |
| Copper | 1.37 | 0.80 | +71.6% |
| Nickel | 0.80 | 0.65 | +22.6% |
| Total | 9.88 | 8.22 | +20.3% |
The numbers are initial estimates, not actual reported revenue. The proxy leaves out ROM sales, additional revenue items, and unresolved pricing adjustments.
Iron ore fines contributed approximately $885 million to the year-over-year comparison. Sales increased by 3.4%. The average price achieved went up 11.6% to $95 per tonne.
Copper contributed approximately $573 million, accounting for 34% of the basket’s $1.66 billion rise.
Copper sales rose by 9.7% to 97,600 tonnes, while the realized price increased 56.5% to $14,062 per tonne. Vale reported that production growth was primarily driven by its Brazilian operations.
The nickel proxy increased 22.6%. Pellet value was up 5.8%, even as production fell. Vale attributed the 7% decline in output to a temporary suspension in Oman.
Sales processed inventory more rapidly. Overall iron ore sales increased by 3.1%, compared to a 0.8% rise in production. Vale attributed the result to inventory being sold.
Ore output for the first half totaled 153.9 million tonnes. Vale must produce between 181.1 million and 191.1 million tonnes in the second half to achieve its guidance of 335 million to 345 million tonnes.
With price realization as the bigger near-term earnings factor, the range highlights its importance. The proxy’s rise is only minimally attributed to volume growth.
A board dispute was resolved by shareholders on Wednesday. Manuel Lino Oliveira secured 1.98 billion votes, while Marcelo Gasparino obtained 1.07 billion.
In a statement translated from Portuguese, Oliveira said the board will keep “discipline in capital allocation.” He also committed to ongoing improvements in governance and long-term planning. InfoMoney
Vale’s Brazil-listed shares gained over 3% following the report and vote on Wednesday, leading the Bovespa. The advance continued on Thursday in New York trading.
China continues to be the key measure for demand. Steel production in the first half decreased by 3%, but iron ore imports increased by 6.3%. The rise in imports was aided by restocking efforts and reduced output from local mines.
Risks: Iron ore’s most recent benchmark price was close to $98 per tonne. Elevated inventories in China and expanding global output may diminish the current price advantage. Copper’s provisional pricing and the possibility of more operational disruptions could also have a negative impact.
The upcoming test is set for July 30. Vale will release its complete second-quarter earnings following the market close. At that point, investors will be able to compare the proxy against the official revenue and EBITDA figures.
