Dikhyaa Mohanty 
The iron ore price rose boosted by poor figures by the world’s biggest producers as Vale churned out 75.7 million tonnes in the second quarter, compared to the 78 million tonnes.
As per the reports, the company maintained its full-year guidance of 315 million to 335 million tonnes and stated that it achieved an annual output capacity of 330 million tonnes.
According to an analyst the full-year iron ore production guidance of 315-335 million tonnes is maintained, but hitting even the bottom end of this range would require a strong second half of the year.
Lower than expected supply growth has helped prop up prices, which at more than $220 a tonne are delivering huge profits for iron ore producers. Singapore ore futures have surged to historic highs this year.
