Vale ADR Falls 1.4% as China Steel Losses Deepen | Iron Ore, Oct 8
Vale's New York shares fell 1.40% to US$13.42 as Chinese steel losses deepened and hot-metal output fell to a six-month low of 2.34 million tonnes. The post Vale ADR Falls 1.4% as China Steel Losses Deepen | Iron Ore, Oct 8 appeared first on The Rio Times .
Vale's shares dropped 1.40% to US$13.42 as China's steel industry struggles and iron ore demand decreases. Only about 7% of Chinese steelmakers were profitable at the end of September, with daily hot-metal production falling to a six-month low of 2.34 million tonnes. During the October 1-7 National Day holiday, inventories of major carbon-steel products increased by 9.3% to 4.2 million tonnes, exacerbating the situation.
Vale is Brazil's second-largest iron ore exporter, and its New York-listed shares are a key proxy for global iron ore investors. CSN Mineração, a smaller Brazilian company, saw a slight gain of 0.61% to R$4.97 (about US$0.99). The Chinese steelmakers' poor performance and inventory buildup suggest further declines in iron ore prices until Chinese steel margins improve.
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