August 28,
Brazilian mining giant Vale, the world’s biggest Iron ore producer, says it will cut its prices of the mineral by 10% in October.
The decision, made as part of a quarterly revision of market prices, comes after a fall in demand in China, the top global customer, a company spokesman told on Friday.
It is believed that near about 20% of the world’s steel is made with Vale’s Iron ore, and the price cut will have an impact on European and Asian economies.
Nevertheless, Vale’s revenues from sales of the mineral this year could still be more than double what it was last year, around $30 billion.
Leave a Reply