MMi Daily Iron Ore Report (February 12)

On 12 February 2026, Vale released its financial results for the fourth quarter and full year of 2025. The report indicates that for the full year 2025, the C1 cash cost for iron ore stood at US$21.3 per tonne, representing a 2% year-on-year decrease. This marks the second consecutive year of cost reductions for the miner. For the fourth quarter of 2025, the C1 cash cost was also recorded at US$21.3 per tonne, an increase of 13% compared to the same period in the previous year, aligning with the company's guidance targets.

According to the latest survey conducted by SMM on 12 February, total inventory across the 10 monitored ports stood at 116.74 million tonnes, representing a decline of 1.05 million tonnes compared to the previous period. In terms of specific product categories, stocks of coarse fines and concentrates experienced a marginal accumulation. Conversely, inventories of lump ore and pellets registered a slight destocking.