Top 15 Commodity Producers With the Highest Upside Potential

6. Vale S.A. (NYSE:VALE)

Analysts’ Upside Potential as of May 01: 37.01%

Vale S.A. (NYSE:VALE) is the biggest producer of iron ore and pellets in the world and a major global miner. The business has sold off noncore assets, including its steel, coal, and fertilizer businesses, in recent years to focus on iron ore, nickel, and copper. The bulk materials division, which mostly produces iron ore and iron ore pellets, dominates earnings. Copper mines that produce copper in concentrate and nickel mines and smelters constitute the considerably smaller base metals category. The firm sold a minority 10% ownership in its base metals business, Energy Transition Metals, in 2024. This was perhaps the first move in the process of separating iron ore from base metals. The stock has grown by more than 5% since the start of 2025, making it on our list of the  Best Commodity Stocks.

In Q1 2025, Vale S.A. (NYSE:VALE) reported a 4% year-on-year growth in iron ore sales, reaching 66 million tons despite a 4% decrease in production, showing robust demand and excellent inventory management. The company’s three main iron ore expansion projects are moving along according to plan; by 2025, Vargem Grande and Capanema should have contributed a total of 40 million tons of production. EBITDA in base metals more than doubled from the same time the previous year due to increased output and better operational performance. The business also made significant cost reductions, with favorable exchange rates and operational improvements causing iron ore C1 cash expenses to drop to $21 per ton, an 11% year-over-year decrease.

Vale S.A. (NYSE:VALE) achieved a noteworthy sustainability milestone in 2023 when it met all of its energy needs in Brazil from renewable sources, two years ahead of schedule.