SÃO PAULO — Brazilian iron-mining giant Vale SA’s shares fell 3.3% Monday after the price of iron ore continued to decline in China.
The shares reached 72.32 reais, the equivalent of $14.22, and are down 16% from the end of last year through Thursday’s close. Friday was a holiday in Brazil and the country’s stock market was closed. Brazil’s benchmark Ibovespa stocks index was down 0.3% in mid-morning trading. Shares of rival Brazilian iron miner CSN Mineração SA fell 4.9% to BRL4.43.
Iron ore prices on the Dalian Commodity Exchange have fallen in recent days, including Monday morning, after Chinese officials last week signaled plans to prevent price speculation in the steel precursor.
Some analysts have also said investors have doubts about demand for iron ore amid slow growth in China’s real estate sector.