Vale(US:VALE) HUAXI Securities·2025-04-23 09:50Investment Rating - Industry rating: Recommended [4] Core Insights - In Q1 2025, the production of copper increased by 11.0% year-on-year to 90.9 thousand tons, driven by strong operational performance from Salobo and Voisey's Bay mines [1][2] - Nickel production also rose by 11.1% year-on-year to 43.9 thousand tons, primarily due to increased output from Onça Puma and strong performance from Canadian assets [2] - Iron ore production decreased by 4.5% year-on-year to 67.6644 million tons, impacted by high rainfall affecting the northern system, although S11D achieved a record high output [2] Production Summary - Copper production: 90.9 thousand tons, up 11.0% year-on-year [5] - Nickel production: 43.9 thousand tons, up 11.1% year-on-year [5] - Iron ore production: 67.6644 million tons, down 4.5% year-on-year [5] - Pellet production: 7.183 million tons, down 15.2% year-on-year [5] Sales Summary - Copper sales volume: 81.9 thousand tons, up 6.6% year-on-year [7] - Nickel sales volume: 38.9 thousand tons, up 17.5% year-on-year [7] - Iron ore sales volume: 66.141 million tons, up 3.6% year-on-year [7] Average Realized Prices - Average copper price: $8,891 per ton, up 15.7% year-on-year [3] - Average nickel price: $16,106 per ton, down 4.4% year-on-year [3] - Average iron ore fines price: $90.8 per ton, down 9.8% year-on-year [3] - Average iron ore pellets price: $140.8 per ton, down 18.1% year-on-year [3]