[miningmx.com] — 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.