Vale Heads Towards Lowest In Three Years

Bloomberg reported Vale SA (SAO:VALE5) headed toward the lowest close in almost three years as prices for the steelmaking material slumped on slower Chinese economic growth.

As quoted in the market news:

Vale, based in Rio de Janeiro, dropped 2.4 percent to 34.48 reais at 1:26 p.m. in Sao Paulo. A close at the level would be the lowest since Sept. 11, 2009. The Brazilian benchmark Bovespa Index declined 1.1 percent.

Iron ore for immediate delivery fell 4.9 percent to $99.60 a ton today, its seventh consecutive decline to the lowest since December 2009, according to data compiled by The Steel Index Ltd.

Click here to read the full Bloomberg report.