RIO DE JANEIRO/SAO PAULO (Reuters) -Brazilian miner Vale produced 67.7 million metric tons of iron ore in the first quarter of 2025, down 4.5% from a year earlier, the company said on Tuesday in its sales and output report.

One of the world’s largest iron ore producers, Vale said heavy rainfall impacted production in its Brazilian Northern mining complex.

The weaker first-quarter output had been expected, Vale said, and it reaffirmed its outlook to produce between 325 million tons and 335 million tons of iron ore in 2025, as it also began the ramp-up of mining projects VGR1 and Capanema.

Sales of iron ore rose 3.6% in the quarter year-on-year to 66.1 million tons, the report showed, with Vale attributing the increase to supply from inventories, while also noting it has been prioritizing medium-grade products given market conditions.

The average realized price of Vale’s iron ore fines was $90.80 per ton in the quarter ended in March, down almost 10% year-on-year and a 2.4% decline from the last quarter of 2024.

In a note to clients, Citi analysts said iron ore output and sales came mostly in line with expectations, but copper and nickel beat their estimates.

"We estimate very minor downgrades to consensus EBITDA estimates," analysts Alexander Hacking and Stefan Weskott wrote, adding they expect the stock to perform in line following the results.

Vale will release its first-quarter earnings on April 24.

Vale’s copper production increased 11% in the quarter year-on-year to about 90,900 tons, with the firm citing strong performance at the Voisey’s Bay mine in Canada and the Salobo and Sossego operations in Brazil. Copper sales grew 6.6% to about 81,900 tons.

Nickel output rose about 11% year-on-year to around 43,900 tons, mainly due to higher output at Onca Puma (OTC: PMMAF ) in Brazil and better performance at its Canadian assets, Vale said. It sold 38,900 tons of nickel in the quarter, a 17.5% rise from a year earlier.