According to Vale's publicly released report, the first quarter of 2025, Vale's nickel sales rose by 18% year-over-year, equivalent to an increase of 5.8 kilotons. Despite the strong sales growth, lower nickel prices negatively impacted overall financial performance. Vale reported that its nickel all-in costs, adjusted for its Indonesian subsidiary PTVI, decreased by 4% year-over-year to US$ 15,730 per ton, reflecting improved cost efficiency in the nickel segment. Nickel production totaled 43.9 kt, 11% (4.4 kt) higher y/y, mainly reflecting higher production at Onça Puma after the furnace rebuild in 1Q24 and stronger asset performance in Canada, further fueled by VBME’s ramp-up.