Vale Shares Fall on Concern About Iron-Ore Price Reductions

Bloomberg reported Vale SA (NYSE:VALE) fell the most in three weeks on concern it is cutting prices for the steel-making material.

As quoted in the market news,

Vale dropped 6.1 percent to 38.66 reais at 2:44 p.m. Sao Paulo time, leading decliners. The benchmark Bovespa index slipped 2.5 percent. Shares have fallen 18 percent in the past year, compared to the Bovespa’s 25 percent drop.

Click here to read the full Bloomberg report.