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Brazil's Vale to cut its iron prices about 10 pct

Brazilian mining giant Vale is slashing its price for iron ore by about 10 percent.Vale says the cut is in line with a drop in spot prices in China.It did not give more details in a statement issued Friday, and the company declined to comment further.O Estado de S. Paulo newspaper says Vale's...

Brazilian mining giant Vale is slashing its price for iron ore by about 10 percent.

Vale says the cut is in line with a drop in spot prices in China.

It did not give more details in a statement issued Friday, and the company declined to comment further.

O Estado de S. Paulo newspaper says Vale's iron ore currently sells for $150 per ton, and that should drop to $135.

It adds that since 20 percent of the world's steel is manufactured with iron ore from Vale, the price reduction should have a significant impact on Asian and European economies.

Vale SA, based in Rio de Janeiro, is the world's largest producer of iron ore.

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