Brazil's Vale expects 2017 iron-ore output to be below forecast

Vale SA expects full-year iron-ore output to come in at the lower end of forecasts this year, and below expectations in 2017, a sign the world's No. 1 producer of the raw material is effectively reining in production at low-margin facilities. Iron-ore output was 86.823-million tonnes in the second quarter, down 2.8% from a year earlier, Rio de Janeiro-based Vale said in a report on Thursday.