Vale to cut iron ore prices by 10pct

[] — BRAZIL’S Vale, the world’s largest iron ore miner, is set to lower its average iron ore prices, the O Estado de Sao Paulo newspaper reported on Friday.

The mining giant confirmed it would reduce its charges by 10% starting in October, according to the company’s sales and marketing director Jose Carlos Martins.

Vale said it would define next week new prices that should be 9% or 10% lower.

This move was part of the company’s quarterly pricing strategy, Estado quoted Martins as saying.

The Brazilian company would charge its customers $135 per tonne on average from $150, Estado said, citing analysts.

The move followed a drop in spot prices in China in the past months, the daily reported.