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Vale's iron ore strategy targets India
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Release time：2025-11-14
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The company expects that sales growth in India and other Asian markets will offset the losses caused by weak demand in the Chinese market.
Headquartered in Brazil, mining company Vale is poised to capitalize on the surging demand from India, a trend that could potentially double its steel production by the end of this decade. According to Reuters, the company anticipates that increased sales to India and other Asian markets will help offset the decline in demand from China. Meanwhile, China's steel output has stabilized at around 1 billion tons annually and may even begin to shrink in the coming years. Citing Vale CEO Gustavo Pimenta, Reuters reported: "India, with a population of 1.6 billion—already surpassing China—requires massive infrastructure investments, which in turn will drive substantial steel consumption." Pimenta also noted that India's steel capacity could expand to approximately 300 million tons within the next five to seven years. Furthermore, he emphasized that Vale’s high-grade iron ore can be effectively blended with India’s lower-grade ores, creating a synergy that benefits both markets. "We’re bringing premium-quality products to India’s steel industry," Pimenta added. "As steel production there doubles, we see tremendous growth opportunities ahead."
By 2025, India is expected to import approximately 10 million tons of Vale ore, a significant shift from virtually no imports in previous years—though this still represents only a small portion of Vale's total sales to China, which account for about 60% of its global revenue. While China is projected to remain the world's largest steel producer, Vale anticipates that China's steel output will eventually stabilize. The company also forecasts robust growth in demand from other Asian markets, with sales to Vietnam expected to surge to 8 million tons by 2025—marking a substantial increase compared to prior years. Vale recently announced its third-quarter 2025 results, reporting a 5% rise in sales and reaching its highest iron ore production levels since 2018. Although Pimenta declined to comment on new production targets, he confirmed that Vale will outline plans to expand its key Northern System operations, boosting both iron ore and copper capacity. The company plans to invest R$70 billion (US$13.14 billion) in its Novo Carajás project in Brazil by 2030, including a major initiative aimed at increasing annual iron ore production by 20 million tons. Currently, 80% of this ambitious plan has been completed, with operations set to begin by late 2026. Additionally, Vale aims to double its copper output by 2035. Beyond Brazil, Vale is exploring the possibility of divesting its Thompson nickel mine in Canada, citing weak market interest and declining nickel prices amid rising production from Indonesia.
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