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Financial and capital risk management (Tables) | 6 Months Ended
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Jun. 30, 2021
Ifrs Statement [Line Items] |
Schedule of derivatives effects on statement of financial position | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ |  | Current |  | Non-current |  | Current |  | Non-current
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 1 |  | 1 |  | — |  | —
IPCA swap |  | 9 |  | 42 |  | 7 |  | 38
Eurobonds swap |  | — |  | — |  | — |  | 3
Pre-dollar swap and forward (NDF) |  | 98 |  | 144 |  | — |  | 9
Libor swap |  | — |  | 5 |  | — |  | —
​ |  | 108 |  | 192 |  | 7 |  | 50
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | 6 |  | 1 |  | 30 |  | —
Gasoil, Brent and freight |  | 100 |  | — |  | 97 |  | —
​ |  | 106 |  | 1 |  | 127 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others |  | — |  | 15 |  | — |  | 16
​ |  | — |  | 15 |  | — |  | 16
Total |  | 214 |  | 208 |  | 134 |  | 66
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Liabilities
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ |  | Current |  | Non-current |  | Current |  | Non-current
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 96 |  | 408 |  | 111 |  | 525
IPCA swap |  | — |  | 92 |  | 72 |  | 100
Eurobonds swap |  | — |  | — |  | 4 |  | —
Pre-dollar swap and forward (NDF) |  | 48 |  | 9 |  | 63 |  | 58
Libor swap |  | 2 |  | 2 |  | 1 |  | 6
​ |  | 146 |  | 511 |  | 251 |  | 689
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | 46 |  | — |  | 46 |  | —
Gasoil, Brent and freight |  | — |  | — |  | 13 |  | —
Thermal coal |  | 2 |  | 10 |  | — |  | —
​ |  | 48 |  | 10 |  | 59 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others |  | 10 |  | — |  | 18 |  | —
Total |  | 204 |  | 521 |  | 328 |  | 689
​ a.i) Net exposure ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, 2021 |  | December 31, 2020
Foreign exchange and interest rate risk |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | (502) |  | (636)
IPCA swap |  | (41) |  | (127)
Eurobonds swap |  | — |  | (1)
Pre-dollar swap and forward (NDF) |  | 185 |  | (112)
Libor swap (i) |  | 1 |  | (7)
​ |  | (357) |  | (883)
Commodities price risk |  |  |  |
Base metals products |  | (39) |  | (16)
Gasoil, Brent and freight |  | 100 |  | 84
Thermal coal |  | (12) |  | —
​ |  | 49 |  | 68
​ | ​ | ​ | ​ | ​
Others |  | 5 |  | (2)
​ |  | 5 |  | (2)
Total |  | (303) |  | (817)
(i)In July 2017, the U.K. Financial Conduct Authority (FCA), which regulates the London Interbank Offered Rate (‘‘LIBOR’’), announced the effective discontinuation of LIBOR. After June 30, 2023, the FCA will no longer require panel banks to submit quotes for any U.S. dollar LIBOR settings. The Company is currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate.
Schedule of effects of derivatives on income statement and cash flow | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (loss) recognized in the income statement
​ | ​ | Three-month period ended June 30, | ​ | Six-month period ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Foreign exchange and interest rate risk | ​ |  | ​ |  | ​ |  | ​ |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 326 |  | (185) |  | 52 |  | (865)
IPCA swap |  | 54 |  | (24) |  | 69 |  | (256)
Eurobonds swap |  | — |  | 7 |  | (28) |  | (27)
Pre-dollar swap and forward (NDF) |  | 411 |  | (28) |  | 206 |  | (173)
Libor swap |  | (3) |  | ​ |  | 7 |  | —
​ |  | 788 |  | (230) |  | 306 |  | (1,321)
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | — |  | — |  | (2) |  | (1)
Gasoil, Brent and freight |  | 64 |  | 99 |  | 108 |  | (246)
​ |  | 64 |  | 99 |  | 106 |  | (247)
Others |  | 4 |  | 45 |  | 5 |  | 98
​ |  | 4 |  | 45 |  | 5 |  | 98
Total |  | 856 |  | (86) |  | 417 |  | (1,470)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Financial settlement inflows (outflows)
​ | ​ | Three-month period ended June 30, | ​ | Six-month period ended June 30,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | (9) |  | (33) |  | (99) |  | (51)
IPCA swap |  | — |  | — |  | (18) |  | —
Eurobonds swap |  | — |  | — |  | (29) |  | (6)
Pre-dollar swap and forward (NDF) |  | (2) |  | 8 |  | (77) |  | (13)
Libor swap |  | — |  | — |  | (1) |  | —
​ |  | (11) |  | (25) |  | (224) |  | (70)
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | (1) |  | 38 |  | (8) |  | 292
Gasoil, Brent and freight |  | 72 |  | (129) |  | 92 |  | (130)
​ |  | 71 |  | (91) |  | 84 |  | 162
Others |  | — |  | 2 |  | 1 |  | 67
​ |  | — |  | 2 |  | 1 |  | 67
Total |  | 60 |  | (114) |  | (139) |  | 159
Schedule of effects of derivatives on other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain (loss) recognized in the other comprehensive income
​ | ​ | Three-month period ended June 30, | ​ | Six-month period ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net investments hedge |  | 202 |  | (119) |  | 42 |  | (639)
Thermal Coal Cash flow hedge |  | (7) |  | — |  | (7) |  | —
Cash flow hedge (Nickel and Palladium) |  | (28) |  | (49) |  | (19) |  | 15
Schedule of sensitivity analysis of derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I |  | Scenario II
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CDI vs. US$ fixed rate swap |  | R$ depreciation |  | (368) |  | (900) |  | (1,433)
​ |  | US$ interest rate inside Brazil decrease |  | (368) |  | (396) |  | (425)
​ |  | Brazilian interest rate increase |  | (368) |  | (402) |  | (437)
Protected item: R$denominated liabilities |  | R$ depreciation |  | n.a. |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TJLP vs. US$ fixed rate swap |  | R$ depreciation |  | (134) |  | (236) |  | (338)
​ |  | US$ interest rate inside Brazil decrease |  | (134) |  | (137) |  | (140)
​ |  | Brazilian interest rate increase |  | (134) |  | (145) |  | (155)
​ |  | TJLP interest rate decrease |  | (134) |  | (141) |  | (149)
Protected item: R$denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R$fixed rate vs. US$ fixed rate swap |  | R$ depreciation |  | 62 |  | (246) |  | (553)
​ |  | US$ interest rate inside Brazil decrease |  | 62 |  | 53 |  | 45
​ |  | Brazilian interest rate increase |  | 62 |  | 19 |  | (21)
Protected item: R$denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IPCA vs. US$ fixed rate swap |  | R$ depreciation |  | (90) |  | (199) |  | (307)
​ |  | US$ interest rate inside Brazil decrease |  | (90) |  | (96) |  | (103)
​ |  | Brazilian interest rate increase |  | (90) |  | (109) |  | (127)
​ |  | IPCA index decrease |  | (90) |  | (101) |  | (112)
Protected item: R$denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IPCA vs. CDI swap |  | Brazilian interest rate increase |  | 49 |  | 46 |  | 44
​ |  | IPCA index decrease |  | 49 |  | 47 |  | 45
Protected item: R$denominated debt linked to IPCA |  | IPCA index decrease |  | n.a. |  | (47) |  | (45)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
US$floating rate vs. US$ fixed rate swap |  | US$ Libor decrease |  | 1 |  | (4) |  | (10)
Protected item: Libor US$ indexed debt |  | US$ Libor decrease |  | n.a. |  | 4 |  | 10
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NDF BRL/USD |  | R$ depreciation |  | 122 |  | (166) |  | (454)
​ |  | US$ interest rate inside Brazil decrease |  | 122 |  | 116 |  | 110
​ |  | Brazilian interest rate increase |  | 122 |  | 93 |  | 66
Protected item: R$denominated liabilities |  | R$depreciation |  | n.a. |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I |  | Scenario II
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fuel oil protection | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options |  | Price input decrease |  | 48 |  | 18 |  | 14
Protected item: Part of costs linked to fuel oil prices |  | Price input decrease |  | n.a. |  | 18 |  | 14
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward Freight Agreement |  |  |  |  |  |  |  |
Forwards |  | Freight price decrease |  | 15 |  | 5 |  | (4)
Protected item: Part of costs linked to maritime freight prices |  | Freight price decrease |  | n.a. |  | (5) |  | 4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel sales fixed price protection |  |  |  |  |  |  |  |
Forwards |  | Nickel price decrease |  | 1 |  | (2) |  | (5)
Protected item: Part of nickel revenues with fixed prices |  | Nickel price decrease |  | n.a. |  | (2) |  | (5)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel Revenue Hedging Program |  |  |  |  |  |  |  |
Options |  | Nickel price increase |  | (38) |  | (160) |  | (297)
Protected item: Part of nickel future revenues |  | Nickel price increase |  | n.a. |  | 160 |  | 297
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Palladium Revenue Hedging Program |  |  |  |  |  |  |  |
Options |  | Palladium price increase |  | 4 |  | (23) |  | (56)
Protected item: Part of palladium future revenues |  | Palladium price increase |  | n.a. |  | 23 |  | 56
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Thermal Coal Revenue Hedging Program |  |  |  |  |  |  |  |
Options |  | Thermal coal price increase |  | (11) |  | (40) |  | (69)
Protected item: Part of thermal coal future revenues |  | Thermal coal price increase |  | n.a. |  | 40 |  | 69
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Option - SPCs |  | SPCs stock value decrease |  | 15 |  | 5 |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instrument |  | Main risks |  | Probable |  | Scenario I |  | Scenario II
Embedded derivatives - Raw material purchase (nickel) |  | Nickel price increase |  | (3) |  | (19) |  | (34)
Embedded derivatives - Raw material purchase (copper) |  | Copper price increase |  | — |  | (3) |  | (6)
Embedded derivatives - Gas purchase |  | Pellet price increase |  | (4) |  | (8) |  | (13)
Embedded derivatives - Guaranteed minimum return |  | Stock value decrease |  | (5) |  | (61) |  | (287)
​
Summary of ratings published by Moody's regarding the main financial institutions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consolidated
​ | ​ | June 30, 2021 |  | December 31, 2020
​ | ​ | Cash and cash equivalents and | ​ | ​ | ​ | Cash and cash equivalents | ​ | ​
​ |  | short-term investment |  | Derivatives |  | and short-term investment |  | Derivatives
Aa1 |  | 94 |  | — |  | 2,210 |  | 36
Aa2 |  | 384 |  | 13 |  | 363 |  | 15
Aa3 |  | 603 |  | 41 |  | 1,681 |  | 41
A1 |  | 4,124 |  | 20 |  | 2,812 |  | 21
A2 |  | 4,429 |  | 130 |  | 4 |  | 20
A3 |  | 1,034 |  | 67 |  | 5 |  | 36
Baa1 |  | — |  | — |  | 4 |  | —
Baa2 |  | 19 |  | — |  | 1 |  | —
Ba1 |  | — |  | 35 |  | 2,986 |  | —
Ba2 |  | 2,551 |  | 51 |  | 4,189 |  | 6
Ba3 |  | 1,279 |  | 13 |  | — |  | —
Others |  | 83 |  | 52 |  | 3 |  | 25
​ |  | 14,600 |  | 422 |  | 14,258 |  | 200
Eurobonds with derivative offset |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Financial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Settlement | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inflows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | (Outflows) | ​ | Value at Risk | ​ | Fair value by year
​ |  | June 30, |  | December 31, |  | ​ |  | Average |  | June 30, |  | December 31, |  | June 30, |  | June 30, |  | ​ | ​ | ​ | ​ | ​
Flow |  | 2021 |  | 2020 |  | Index |  | rate |  | 2021 |  | 2020 |  | 2021 |  | 2021 |  | 2021 |  | 2022 |  | 2023+
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CDI vs. US$ fixed rate swap |  | ​ |  | ​ |  | ​ |  | ​ |  | (368) |  | (473) |  | (30) | ​ | 43 | ​ | (26) | ​ | (78) | ​ | (264)
Receivable |  | R$8,841 |  | R$9,445 |  | CDI |  | 100.53 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payable |  | US$2.072 |  | US$2.213 |  | Fix |  | 2.57 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TJLP vs. US$ fixed rate swap |  | ​ |  | ​ |  | ​ |  | ​ |  | (134) |  | (163) |  | (26) | ​ | 8 | ​ | (23) | ​ | (40) | ​ | (71)
Receivable |  | R$1,421 |  | R$1,651 |  | TJLP + |  | 1.12 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payable |  | US$390 |  | US$460 |  | Fix |  | 3.11 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R$fixed rate vs. US$ fixed rate swap |  | ​ |  | ​ |  | ​ |  | ​ |  | 62 |  | (111) |  | (85) | ​ | 26 | ​ | 10 | ​ | (26) | ​ | 78
Receivable |  | R$6,671 |  | R$2,512 |  | Fix |  | 3.58 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payable |  | US$1.265 |  | US$621 |  | Fix |  | (1.60) | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IPCA vs. US$ fixed rate swap |  | ​ |  | ​ |  | ​ |  | ​ |  | (90) |  | (173) |  | (65) | ​ | 9 | ​ | 1 | ​ | — | ​ | (91)
Receivable |  | R$1,617 |  | R$2,363 |  | IPCA + |  | 4.54 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$400 |  | US$622 |  | Fix |  | 3.88 | % |  |  |  |  |  |  |  |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IPCA vs. CDI swap |  | ​ |  | ​ |  | ​ |  | ​ |  | 49 |  | 45 |  | — |  | — |  | 7 |  | 42 |  | —
Receivable |  | R$726 |  | R$694 |  | IPCA + |  | 6.63 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | R$1,350 |  | R$550 |  | CDI |  | 98.76 | % |  |  |  |  |  |  |  |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EUR fixed rate vs. US$ fixed rate swap |  | ​ |  | ​ |  | ​ |  | ​ |  | — |  | (1) |  | (29) |  | — |  | — |  | — |  | —
Receivable |  | — |  | EUR 500 |  | Fix |  | 0.00 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | — |  | US$613 |  | Fix |  | 0.00 | % |  |  |  |  |  |  |  |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward |  | R$7,020 |  | R$916 |  | B |  | 5.98 |  | 122 |  | (1) |  | 13 |  | 23 |  | 17 |  | 64 |  | 41
Libor floating interest rate US$ denominated debt |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Financial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Settlement | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inflows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | (Outflows) | ​ | Value at Risk | ​ | Fair value by year
Flow |  | June 30, 2021 |  | December 31, 2020 |  | Index |  | Average rate |  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 | ​ | June 30, 2021 |  | 2021 |  | 2022 |  | 2023+
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Libor vs. US$fixed rate swap | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1 |  | (7) |  | (1) | ​ | 2 |  | (1) |  | — |  | 2
Receivable |  | US$950 |  | US$950 |  | Libor |  | 0.13 | % |  |  |  |  | ​ | ​ |  |  |  |  |  |  |
Payable |  | US$950 |  | US$950 |  | Fix |  | 0.48 | % |  |  |  |  | ​ | ​ |  |  |  |  |  |  |
Protection programs for base metals raw materials and products - Therma Coal hedging program |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Financial | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | settlement |  | ​ |  | ​
​ | ​ | Notional (ton) | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | Inflows | ​ | ​ | ​ | Fair value
​ | ​ | June 30, | ​ | December 31, | ​ | Bought / | ​ | Average strike | ​ | June 30, | ​ | December 31, | ​ | (Outflows) | ​ | Value at Risk | ​ | by year
Flow | ​ | 2021 | ​ | 2020 |  | Sold |  | (US$/t oz) | ​ | 2021 | ​ | 2020 | ​ | June 30, 2021 | ​ | June 30, 2021 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Coal Revenue Hedging Program | ​ |  | ​ |  |  |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  |  |
Call Options | ​ | 600,000 | ​ | — |  | S |  | 108 | ​ | (10) | ​ | — | ​ | (2) | ​ | 3 |  | (10)
Put Options | ​ | 390,000 | ​ | — |  | B |  | 105 | ​ | (1) | ​ | — | ​ | (1) | ​ | 6 |  | (1)
Total | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ | (11) | ​ | — | ​ | (3) | ​ | 9 |  | (11)
Protection programs for base metals raw materials and products - Nickel revenue hedging program |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Financial | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | settlement | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inflows | ​ | ​ | ​ | ​
​ | ​ | Notional (ton) | ​ | ​ | ​ | ​ | ​ | Fair value |  | (Outflows) | ​ | Value at Risk | ​ | Fair value by year
​ |  | June 30, |  | December 31, |  | Bought / | ​ | Average strike |  | June 30, |  | December 31, |  | June 30, |  | June 30, |  | ​
Flow |  | 2021 |  | 2020 |  | Sold |  | (US$/ton) |  | 2021 |  | 2020 |  | 2021 |  | 2021 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel Revenue Hedging Program (i) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Call options |  | 35,120 |  | 58,620 |  | S | ​ | 17,618 |  | (41) |  | (46) |  | (9) |  | 10 |  | (41)
Put options | ​ | 35,120 | ​ | 58,620 | ​ | B | ​ | 15,000 | ​ | 3 | ​ | 28 | ​ | — | ​ | 1 | ​ | 3
Total |  |  |  |  |  |  | ​ | ​ |  | (38) |  | (18) |  | (9) |  | 11 |  | (38)
Protection program for product prices and input costs |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Financial | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | settlement | ​ | ​ | ​ | Fair
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inflows | ​ | Value at | ​ | value by
​ | ​ | Notional | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | (Outflows) | ​ | Risk | ​ | year
​ |  | ​ |  | ​ |  | ​ |  | Average |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | June 30, | ​ | December 31, | ​ | Bought / | ​ | strike | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | June 30, | ​ | ​
Flow | ​ | 2021 | ​ | 2020 |  | Sold |  | (US$/bbl) | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2021 |  | 2021+
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brent crude oil (bbl) | ​ |  | ​ |  |  |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  |  |
Call options | ​ | 4,488,809 | ​ | 13,746,945 |  | B |  | 55 | ​ | 48 | ​ | 92 | ​ | 119 | ​ | 7 |  | 48
Put options | ​ | 4,488,809 | ​ | 13,746,945 |  | S |  | 29 | ​ | — | ​ | (12) | ​ | — | ​ | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward Freight Agreement (days) | ​ |  | ​ |  |  |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  |  |
Freight forwards (days) | ​ | 990 | ​ | 1,625 |  | B |  | 23,302 | ​ | 15 | ​ | 4 | ​ | 3 | ​ | 15 |  | —
Protection programs for base metals raw materials and products - Palladium revenue hedging program |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | Financial settlement |  | ​ |  | Fair value
​ | ​ | Notional (t oz) | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | Inflows (Outflows) | ​ | Value at Risk | ​ | by year
Flow | ​ | June 30, 2021 | ​ | December 31, 2020 | ​ | Bought / Sold | ​ | Average strike (US$/t oz) | ​ | June 30, 2021 | ​ | December 31, 2020 | ​ | June 30, 2021 | ​ | June 30, 2021 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Palladium Revenue Hedging Program | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Call Options |  | 67,362 |  | 7,200 |  | S |  | 3,437 |  | (11) |  | (1) |  | — |  | 3 |  | (11)
Put Options |  | 67,362 |  | 7,200 |  | B |  | 2,397 |  | 14 |  | — |  | — |  | 3 |  | 14
Total |  | ​ |  | ​ |  | ​ |  | ​ |  | 3 |  | (1) |  | — |  | 6 |  | 3
Embedded derivatives in contracts |
Ifrs Statement [Line Items] |
Schedule of protection program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ |  |  | Financial |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | settlement | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inflows | ​ | ​ | ​ | ​
​ | ​ | National | ​ | ​ | ​ | ​ | ​ | Fair value | ​ | (Outflows) | ​ | Value at Risk | ​ | Fair value
​ | ​ | ​ |  | December 31, | ​ | Bought / | ​ | Average | ​ | June 30, |  | December 31, | ​ | June 30, | ​ | June 30, | ​ | ​
Flow | ​ | June 30, 2021 | ​ | 2020 | ​ | Sold | ​ | strike | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2021 | ​ | 2021+
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Option related to a Special Purpose Entity “SPE” (quantity) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Call option |  | 137,751,623 |  | 137,751,623 |  | B |  | 3.02 |  | 15 |  | 18 |  | — |  | 2 |  | 15
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Embedded derivatives in contracts for the sale of part of its shareholding (quantity) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Put option |  | 1,105,070,863 |  | 1,105,070,863 |  | S |  | 4.38 |  | (5) |  | (19) |  | — |  | 2 |  | (5)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Embedded Derivative in natural gas purchase agreement (volume/month) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Call options |  | 729,571 |  | 746,667 |  | S |  | 233 |  | (4) |  | — |  | — |  | 3 |  | (4)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedge program for finished products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel forwards |  | 604 |  | — |  | S |  | 18,147 |  | — |  | — |  | — |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed prices sales protection | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel forwards |  | 626 |  | — |  | B |  | 16,341 |  | 1 |  | — |  | 1 |  | — |  | 1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Embedded in raw material purchase contract (ton) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel forwards |  | 3,436 |  | 1,979 |  | S |  | 17,120 |  | (3) |  | 2 |  | — |  | 2 |  | (3)
Copper forwards |  | 1,247 |  | 976 |  | S |  | 9,620 |  | — |  | — |  | — |  | — |  | —

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