United States

Securities and Exchange Commission

Washington, D.C. 20549




Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934


For the month of


September 2023


Vale S.A.


Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)


(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)


(Check One) Form 20-F x Form 40-F ¨







Rio de Janeiro, September 15, 2023




B3 S.A. – Brazil, Bolsa, Balcão

Issuer Listing and Supervision Superintendence



Corporate Relations Superintendence

Company Monitoring Management - 2

Forwarded via Digital Protocol - CVM website


Attn: Ms. Ana Lucia Pereira - Superintendence of Listing and Supervision of Issuers at B3

Mr. Fernando Soares Vieira - CVM's Corporate Relations Superintendence

Mr. Francisco José Bastos Santos - CVM Market Relations and Intermediaries Superintendence


Ref.: Letter No. 1102/2023 - SLS


Subject: Atypical Oscillation - Clarifications on B3/CVM Questions


Dear All


VALE S.A. ("Company"), in compliance with the provisions of Securities and Exchange Commission ("CVM") Resolution No. 44, of August 23, 2021 ("CVM Resolution 44"), hereby informs its shareholders and the market in general that it received from B3 S.A. - Brasil, Bolsa, Balcão, on September 14, 2023, Official Letter 1102/2023 - SLS ("Official Letter"), through which it requested the following:


"In view of the latest oscillations recorded with the securities issued by this company, the number of trades and the amount traded, as shown below, we request that you inform us, by September 15, 2023, if there is any fact known to you that may justify them.


Shares ON
Prices (R$ per share)
Date Opening Minimum Maximum Medium Last Oscil. % No neg. Quantity Volume (BRL)
31/08/2023 65,57 65,08 66,17 65,49 65,08 0,15 48.780 31.011.100 2.030.913.388,00
01/09/2023 66,69 66,63 69,00 68,02 68,89 5,85 121.458 57.288.600 3.896.548.734,00
04/09/2023 69,28 68,88 70,05 69,53 69,40 0,74 52.334 22.397.800 1.557.223.802,00
05/09/2023 68,99 68,58 69,51 69,14 69,10 -0,43 47.375 19.253.500 1.331.131.404,00
06/09/2023 69,15 67,88 69,59 68,44 68,00 -1,59 48.189 28.466.500 1.948.161.900,00
08/09/2023 66,70 66,24 66,84 66,54 66,71 -1,90 54.071 19.989.200 1.330.141.702,00
11/09/2023 68,10 67,54 68,18 67,88 67,67 1,44 49.766 19.493.800 1.323.178.754,00
12/09/2023 68,00 67,44 68,26 67,75 67,62 -0,07 32.213 14.201.300 962.084.411,00
13/09/2023 67,67 67,15 67,78 67,54 67,36 -0,38 46.768 15.448.400 1.043.318.528,00
14/09/2023* 69,30 69,05 70,68 70,01 70,08 4,04 100.559 62.390.300 4.368.329.882,00

*Updated at 18:06.”


In response to the aforementioned letter, Vale clarifies that the company, its managers and the people with access to relevant acts or facts are not aware of any relevant act or fact that could justify such fluctuations.


In line with the information available in sections 4.1 (Description of Risk Factors) and 4.2 (Description of Main Market Risks) of the Reference Form and in the Company's financial statements, Vale reiterates that it is exposed to market risks, among them those related to the volatility of the prices of its products and notably the price of iron ore, a product that comprised approximately 78% of the Company's net sales revenue in the first six months of 2023.


In recent weeks, the Chinese government has presented various measures to support the country’s property sector, for example by reducing purchase and mortgage restrictions in some cities. In addition, on September 14, the People's Bank of China announced a new cut in the Reserve Requirement Ratio – RRR. These measures have led to greater confidence and optimism about the implementation of measures to support the country’s economy. As a result, prices in the steel and minerals rose.


We can see in the graph below that, during the period in question, shares issued by Vale, Rio Tinto and BHP appreciated in value, rising in dollars by approximately 9.3%, 5.6% and 4.4% respectively. Iron ore 62% by the Platts Index appreciated by 4.9% in the period.



Source: Bloomberg


In the case of Vale, on September 14, 2023, JP Morgan raised its target price for the company's shares from US$16 to US$18. This assessment contributed to the appreciation of Vale's shares that day, as reported by press outlets specializing in the Brazilian capital market1.


Vale will keep its shareholders and the market in general informed, in accordance with CVM Resolution 44. We remain at your disposal for any further clarification that may be necessary.





Gustavo Duarte Pimenta

Executive Vice President, Finance and Investor Relations


1 As examples:






Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


  Vale S.A.
  By: /s/ Ivan Fadel
Date: September 15, 2023   Head of Investor Relations


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