Vale says it still hopes to make a targeted output of 390 million tonnes of iron ore this year, despite heavy rains in Brazil pinching exports.

The Brazilian mining giant said first quarter iron ore output was just under 82 million tonnes, a 5% drop year-on-year. Heavy rains in Brazil's south pinched its production.

The slowdown in Brazil's iron ore output has been largely blamed for the weak first quarter in the dry bulk market as capesize spot rates fell from $15,000 per day at the start of 2018 to just under $9,000 per day currently.