Intrigued by the report Morgan Stanley put out about Vale shipping strength. Is there a lag between digging it out of the ground and shipping which is not being considered? New to this name and industry so keen to understand the dynamic.
“Our shipment tracker shows that Vale’s annualised shipping rate increased to 315Mtpa late June vs levels below 200Mtpa back in early May, mainly driven by improving performance in the northern system".
“The lower range of Vale’s 2020 guidance of 310-330Mt, accounts for a 15Mt production loss due to COVID-19-restrictions, but so far the quantifiable impact has remained limited to 1Mt due to the 2-week closure of the 36Mtpa Itabira complex”.
Source: MS
Iron ore price, page-22428
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