Producers are ‘carefully bullish’ for 2023

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In 2022, Brazilian mining giant Vale posted a profit of USD 16.73 billion. Despite being 32 percent less than in 2021, it was the third-largest ever disclosed by a listed Brazilian company, behind Petrobras’s USD 19.1 billion and Vale’s USD 24.7 billion — both from 2021.

The mining firm’s Q4 figures, released last week, gave a faithful representation of the current commodities scenario in Brazil. Prices are still high for 2023, margins look good for producers and companies, though the situation is far from the peak of the commodities supercycle in 2021. 

Vale posted net revenues of USD 43.8 billion…

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