According to Luciano Siani Pires, Vale's Chief Financial Officer, iron ore prices could fall in the second half of the year.

He said that due to the dual effects of China's demand recovery and concerns about supply constraints and production disruptions, iron ore prices increased to above US$100/ton in the first half of the year. However, as Vale’s output was expected to increase significantly in the second half of the year, iron ore prices were likely to decline in the coming months.

Vale's 2020 production goal was 310-330 million tons. In order to achieve this goal, the firm's production must be accelerated in the second half of the year.