Shares of Vale S.A. (NYSE:VALE) were on track on Monday to snap six straight sessions of losses, as the stock rose more than 2.3% to $10.04 in afternoon trade.

The Brazil-based mining company has lost more than 7% in the preceding six trading sessions. The stock has lost more than 37% so far this year, compared to an over 23% gain in the broader S&P 500 Index.

VALE is down 6% over the past one month. The stock closed 0.20% lower on Friday, at $9.81.

Vale (VALE) shares fell last week after UBS downgraded Vale to Neutral from Buy with an $11.50 price target, cut from $14, amid concerns regarding medium-term iron ore fundamentals. The bank said it sees downside to the spot price as China's steel exports are seen as vulnerable to global restrictions and unlikely to be fully offset by government stimulus.

Despite the concerns, UBS analysts added that Vale (VALE) has made significant progress in 2024, improving operational performance, settling the Samarco litigation in Brazil, and appointing a new CEO, with the potential for further progress over the next six months.

Seeking Alpha’s Quant rating system has rated Vale stock a HOLD with a score of 3.20 out of 5, with an A+ on the prospect of valuation and profitability, and a D- on growth. Seeking Alpha authors echo the view and see the stock as a HOLD, meanwhile, the sell side analysts have rated the stock a BUY.

Analyst Yiannis Zourmpanos noted that Vale’s robust production growth across iron ore, copper, and nickel was offset by falling commodity prices and rising costs, especially from China’s slowed demand. Zourmpanos added that despite premium adjustments and efficient inventory strategies, Vale remains vulnerable to market volatility.