Vale Falls 1.11% to US$13.37 as Rio Tinto Drops 1.31% | Iron Ore, Oct 13
Vale’s New York shares fell 1.11% to US$13.37 on Tuesday 13 October and Rio Tinto fell 1.31%, as Brazil’s exchange reopened after a holiday. The post Vale Falls 1.11% to US$13.37 as Rio Tinto Drops 1.31% | Iron Ore, Oct 13 appeared first on The Rio Times .
Iron-ore producers experienced declines on Tuesday, October 13. Shares of Vale, listed on the New York Stock Exchange, dropped 1.11% to US$13.37, while Rio Tinto's shares fell 1.31% to US$93.06. Brazil's B3 exchange resumed trading after the Monday holiday. Vale's shares in São Paulo also fell 1.09%, similar to the New York move.
Confirmation of a specific iron-ore price change for the day could not be verified. The broader Brazilian market slipped 1.04%, partially contributing to the sector's decline. Vale is a key US-listed link to Brazilian iron ore, making its share decline significant for US investors, even though the São Paulo market was closed on Monday.
Rio Tinto, serving as the global benchmark peer, also saw a 1.31% drop in its shares. The weakening US dollar did not positively impact either company. Both Vale and Rio Tinto experienced comparable declines, suggesting a market-wide trend rather than a localized issue. The key factor to monitor is Chinese steel demand, which has not been confirmed as of Tuesday.
The producers and CSN Mineração, a smaller Brazilian exporter, all experienced declines on the same day, with CSN's ADR dropping 2.36%, the steepest among listed companies. Brazil's Ibovespa index fell 1.04%, and the Brazilian real weakened approximately 0.8% against the dollar. These factors influence Vale's costs and earnings in dollars.
Neither company announced any news on Tuesday, and no confirmation was found regarding Chinese or Singapore iron-ore futures movements. InfoMoney attributed Brazil's market fall to election-related caution and US-Iran tensions. Vale's 1.09% decline in São Paulo aligned closely with the index's drop. Brazil, the world's second-largest iron-ore exporter after Australia, transports much of its ore to Chinese steel mills.
Brazil's runoff election is slated for Sunday, October 25. The weakened real generally benefits exporters like Vale, which earn in dollars while incurring many expenses in reais.
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