Vale Iron Ore Price to Stay at Record, Rio May Drop, Platts Says

Bloomberg reports contract iron ore prices charged by Vale SA (ETR:CVLC,FRA:CVLC) will probably stay at record levels in the third quarter, while Rio Tinto Group (NYSE:RIO) may drop prices.

The market news is quoted as saying,

Calculations based on Platts index prices from March 1 to May 24 suggested contract prices from Vale for the July-to- September period should fall between 1.1 percent and 1.3 percent. Vale has a clause not to revise quarterly prices should the change be less than 5 percent, Platts said in a report, citing the miner.