So it’s dynamic and we need to think as an operational inventory. But pay attention for some information, different information from the past. We are increasing the pellet production. So we have a reduction of the mass due to the moisture reduction when you do this. So if you are comparing this year to last year, we have a reduction on the total mass of the company when you compare production sales. Moisture is something that you already have in your models. And another information that we’ve been increasing our production in China, our concentration in China that we do — we have a mass recover that we lose some part of our total volume. So just check these numbers when you consider the buildup of inventories, that exactly it’s not part of inventory.
We are losing mass when you do this.
Deshnee Naidoo: Tyler, thank you so much for the question. I think on nickel, the question was more around what am I thinking about the outlook in terms of how that price is going to match what’s happening inside the business? Just in terms of inside the business, the nickel business is in transition. The Voisey’s Bay project in which we are taking or building 2 underground mines to replace the open-put Ovoid mine will only start to deliver those ramped-up tonnes from the third quarter of next year until that period the kind of the spiky cost that we see will remain within the business. I’m very confident after that, you’ll start to see a lot more cash come back into the business. In terms of current prices, Tyler, we do not speculate on the nickel price.
But all I can say from the data that we are looking at is that the EV demand still continues to be strong despite some of the softening that we are seeing today. And if I look at the current forecast for EV sales today, it’s still trending just under $14 million. Although the world was looking at 14.6 million at the start of the year against the 11 million next year. And despite what we’re seeing in LFP, it’s still the game in China. We’re still seeing the right amount of EV battery chemistry demand in the rest of the sector. So I’m going to leave it there. It’s all about the business that’s in transition projects that we have to do so that Voisey Bay does not create the drag that we currently have in the cost and that the EV sector is still what we are anticipating medium term to be the fastest growing nickel demand sector.
Operator: Our next question is from Leonardo Correa, BTG Pactual.
Leonardo Correa: Can you hear me?
Eduardo de Salles Bartolomeo: Yes.
Leonardo Correa: Okay. Perfect. I just wanted to focus my first question on the market, specifically for iron ore, right? I mean we’ve been seeing very, very solid trends for iron ore. Looking at the key, let’s say, KPI, right, very low inventories across the chain at the steel level and also at the port level. China continues churning out more than 1 billion tonnes annualized per year, right? I mean looking at Chinese steel exports, they continue very high. If I’m not mistaken, the last level, right, of steel exports from China was the highest level in the year. If we think of the issues, right, the main concern, I guess, some months ago was that China would enforce those output curves in steel, which is something that we still have not seen, right?
I mean over the past weeks, it seems the sense in China is more of continuity rather than curbing steel production. And at the same time, we’re moving into a zone, right, which is seasonally very restricted supply. We get into rainy season in Brazil, in Australia, and at the same time, you see Chinese stimulus, right, at the macro level, just coming through and find they’re tapping the fiscal levers, right? So there’s a lot going on. But clearly, the outlook for iron ore has been surprising, I think all expectations. And I just wanted to hear how you’re seeing the balance of risk if you’re seeing — if it would be valid to say that there’s more upside risk at this point than downside, I think that would be helpful? And the second question on my side, I could have missed this, so sorry, I joined the call a little bit later, but just on the base metals and moving back to the entire discussion on base metals, I’m going to avoid the performance issues, right?
