Vale SA ADR

VALE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$63.50	Kgtgq	Myyyd

Lower Iron Ore and Base Metals Prices Drive 5% Reduction in Vale's Fair Value Estimate

Jon Mills

Sep 20, 2024

Business Strategy and Outlook

Vale is the world's largest iron ore miner and a key supplier to the global steel industry. It is leveraged to Chinese raw materials demand, which we expect to slow as the country's infrastructure-led investment boom wanes and as recycled steel becomes a growing source of supply.

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