According to the company, iron ore production reached its highest quarterly volume since 2018, reflecting a new quarterly record for the S11D Mining Complex in the north and the continued build-up of key projects. Regarding pellets, the decline in production reflects market conditions, leading to the premature shutdown of the San Luis pellet plant, which is not expected to return to service in 2025.
Iron ore sales reached 85.997 million tons, which is 5 percent higher, while the average price increased due to an increase in premiums for iron ore fines sold by $1.8 per ton.
In the Northern System, S11D achieved its highest production level in the third quarter, reaching 23.6 million tons, while production in Serra Norte decreased by 1.5 million tons, which remains dependent on mine availability, partially offset by the positive effect of the production portfolio adjustment.
In the Southeastern System, production increased by 1.1 million tons due to the commissioning of the fourth Brukutu processing line and the increased capacity of the Kapanema project, which reached 2.9 million tons in the quarter, while production at the Itabira complex decreased due to increased maintenance work.
In the Southern System, production increased by 1.0 million tons due to increased productivity at the Vargem Grande complex, driven by increased VGR1 project capacity and reduced maintenance downtime.
The average CFR price for iron ore fines increased by 4.2 percent to $94.4/ton, while the price of pellets decreased by 11.7% to $130.8/ton.
