Brazil’s Financial Morning Call for January 29, 2026

2026-01-29 - 11:10

Today’s Key Themes Vale Q4 → Iron ore output 90.4Mt (+6% YoY), full-year 336.1Mt (highest since 2018); $95.4/t price but $0.9/t premium compression; copper/nickel gains strengthen Brazil’s export position. Embraer backlog → Record $31.6B firm orders (+20% YoY), led by commercial aviation ($14.5B, +42% YoY) with 244 deliveries (+18% YoY); signals strong demand but delivery