On July 21, Vale formally released its Q2 2026 financial report. Benefiting from the capacity release of core projects in Brazil and Canada, the company delivered strong operational performance in Q2, with key figures as follows:
Production hit a five-year high: In Q2 2026, finished nickel production reached 42,000 mt (42.0 kt), up 4% YoY, setting the best Q2 production record since 2020.
Sales rose to 44,400 mt: In Q2, nickel sales reached 44,400 mt (44.4 kt), up sharply by 7.2% YoY. Sales exceeded production by 2,400 mt.
Realized selling price rebounded QoQ: In Q2, the average realized nickel price was $18,061/mt, driven by higher average LME prices, up sharply by $1,046/mt from the previous quarter.
![[SMM Nickel Intermediate Product Daily Review] July 22, MHP Nickel and Cobalt Prices Decline, High-Grade Nickel Matte Nickel Price Rises](https://imgqn.smm.cn/usercenter/GmHLU20251217171733.jpg)
![[SMM Nickel Midday Comment] On July 22, base metals collectively strengthened, and nickel prices rebounded and recovered.](https://imgqn.smm.cn/usercenter/UpZsx20251217171731.jpeg)
