Vale 2Q nickel output hits highest since 2021

Vale

Vale 2Q nickel output surged 44% year on year to 40,300t. The result marks the highest quarterly level since 2021. Vale 2Q nickel output rose on stronger production in Brazil and Canada.

Canada leads gains; Brazil also rises

Canadian operations nearly tripled to 21,300t. Voisey's Bay more than tripled to 8,600t. Sudbury output nearly tripled to 8,600t on productivity gains. Brazil produced 4,800t, up from 3,000t. Therefore, diversified assets drove the quarterly rebound.

Maintenance, sales and pricing

Vale scheduled third-quarter maintenance at seven Canadian facilities. Creighton will shut for five weeks. Clarabelle mill will shut for four weeks. These outages may temper near-term volumes.

Nickel sales reached 41,400t, up 7,000t year on year. Average realized prices fell 15% to $15,800/t. Lower LME prices drove the decline. Meanwhile, higher shipments supported quarterly revenue.

As a result, Vale 2Q nickel output underpins supply despite softer pricing. Investors should watch maintenance impacts and discipline on costs.

The Metalnomist Commentary

Vale’s surge reflects operational normalization, not market tightness. Sustained gains require stable Canadian uptime and productivity at Brazil. Price headwinds persist while Indonesian supply overhangs the market.