Arriba el mail enviado, debajo la respuesta.
Hello Claudia, thanks again for your reply.
I´m coming back to you with a couple more questions, and with more Vale stock on my portfolio… lol
1) I´m following SINFERBASE relatorios, to follow Vale´s sales.
Are they accurate? Vale e coligadas (ex samarco) represent sales of vale?
I see on 1q15 a difference on the sales of Pellets, sinferbase posts 9,3mt and vale 11,3mt, is that due to the sales made from the Oman plant?
2) On page 7 of the Sinferbase relatorios, they publish the plats iodex frete Brasil-China.
On March it´s of 10,3 vs march ´14 of 25,62… I understand that is mostly due to the bunker oil prices fall, but, does that measure has anything to do whit the way vale prices the fob sales? (I´m looking at page 18 of Vale 1q15)
3) On the pricing systems for copper:
I understand that the discount of 579/t of 1q15 isn´t going to repeat on 2q since LME copper prices are over 6000 on the quarter average…better than 1q average of 5827. Is that correct?
Could exist a premium with the mama pricing system?
4) I can´t find the Pellets price anywhere for free…do you have any source where I can get them?
That’s all for now…thanks a lot
Respuesta
Hello Javier,
I was not familiar with SINFERBASE reports, but I have downloaded some of them to check. The numbers do not match ours, and I don’t know why.
For example, in 1Q15 we sold 11.2Mt of pellets and produced 11.4Mt (ex-Samarco). If we exclude production from Oman our production was 9.5Mt in Brazil. We sold ~20% of our volumes in Brazil, so 7.5Mt (80% 9.5Mt) were exported from Brazil. At Sinferbase this number is 6.5Mt (page 3), which is quite low.
Below I am coping your questions and providing the answers.
) On page 7 of the Sinferbase relatorios, they publish the plats iodex frete Brasil-China.
On March it´s of 10,3 vs march ´14 of 25,62… I understand that is mostly due to the bunker oil prices fall, but, does that measure has anything to do whit the way vale prices the fob sales? (I´m looking at page 18 of Vale 1q15)
Regarding freight: On page 7 of sinferbase you see the freight spot from Brazil-China. I did not understand your question. What did you see on page 18 of Vale’s 1Q15 Earning report? But prices for our FOB sales discount a freight costs defined in previous contract, which is basically ~20$/t adjusted for variation in bunker oil prices. If bunker oil prices increase 100$/t, freight cost increase by 2.3$/t, and the opposite is true.
) I can´t find the Pellets price anywhere for free…do you have any source where I can get them?
Pellets prices are defined by contracts, you will not find them anywhere. You can consider its price ranging from 35-40$/t above vale’s realized iron ore price.
) On the pricing systems for copper:
I understand that the discount of 579/t of 1q15 isn´t going to repeat on 2q since LME copper prices are over 6000 on the quarter average…better than 1q average of 5827. Is that correct?
Could exist a premium with the mama pricing system?
Regarding the copper prices, I forwarded your email to Bruno, he will be able to help you.
Thanks for your contact,
Kind regards,
Att,
Claudia Rodrigues
Investor Relations Department - Vale
Av Graça Aranha, 26, 12º andar
Rio de Janeiro – RJ – Brasil, 20030-900
Tel: (+55 21) 3814 4540
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