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In an interview published on the weekend in the Estado de S. Paulo newspaper, Schvartsman said the company was limiting annual production to 400 million tonnes per annum.
In the translated interview, he said the company would ramp up to its 450Mt capacity "if ore prices rise again".
The benchmark Metal Bulletin 62% fines rose slightly on Friday to US$67.03/t but remain about $10 below the price seen earlier this year.
Schvartsman told the newspaper Vale was well-positioned in terms of high-quality raw material with the massive S11D Eliezer Batista complex in the Para state, which had its first full year of operation in 2017.
Vale had reported record June quarter iron ore production of 96.8 Mt, despite 12 days of disruption due to the nationwide truck drivers' strike in May.
It expected to produce about 390Mt of iron ore this year.
Schvartsman also said Vale was committed to repairing everything, referring to the Samarco dam failure, and added that he wanted the company to become a reference for sustainability.
