Vale Falls 1.80% as Iron Ore Shares Diverge from Firmer Benchmarks
Key Facts
- Vale’s New York shares closed at US$14.21, down 1.80% on Friday and 6.70% over the week from US$15.23.
- Rio Tinto fell 0.68% to US$97.37 and BHP 0.34% to US$86.27, so the two other major producers also declined.
- CSN Mineração fell 5.05% in São Paulo on Friday, according to Investidor10, while CSN’s New York ADR dropped 6.78%.
- The Dalian iron ore contract was reported at 715.5 yuan a tonne, up 0.70%, about US$106.83, though another report put the most-traded contract at 711 yuan.
- The SGX 62% benchmark was reported at US$96.05 a tonne, up 0.26%, while the steel fund SLX fell 2.10% to US$106.09.
- Nucor dropped 6.32% to US$248.38 and ArcelorMittal 3.52% to US$72.53, extending the decline among steelmakers.
Today’s Focus
Iron ore shares fell on Friday while the ore price itself edged higher. Vale closed at US$14.21 in New York, down 1.80% on the day and 6.70% on the week.
The SGX benchmark rose 0.26% to US$96.05 a tonne. The Dalian contract added 0.70% to 715.5 yuan, about US$106.83.
Rio Tinto fell 0.68% to US$97.37 and BHP 0.34% to US$86.27. The decline was not confined to Brazilian producers.
The SLX steel fund lost 2.10% to US$106.09. Nucor dropped 6.32% to US$248.38.
CSN Mineração fell 5.05% in São Paulo, according to Investidor10. CSN’s New York ADR dropped 6.78% to US$1.10.
Vale’s 6.70% weekly decline compares with 2.59% for Rio Tinto and 1.01% for BHP. The gap between them is the week’s central puzzle.
What matters today. The ore price rose in Singapore while the shares that mine it fell. The restocking window closes with the October holiday.
| Instrument | Level | Session |
|---|---|---|
| Ibovespa (Brazil) | 185,229.17 | -0.41% |
| S&P 500 (US) | 7,650.50 | +0.17% |
| Nasdaq Composite (US) | 26,523 | +0.39% |
| VIX (US volatility) | 14.81 | -4.08% |
| USD/BRL | 5.1445 | +0.30% |
| Gold (per ounce) | US$4,380.01 | +0.77% |
| Silver (per ounce) | US$66.35 | +1.41% |
| Oil fund (USO) | US$153.82 | -0.96% |
Friday, 18 September 2026 close. Gold, silver and the oil fund in US dollars.
01 The session in one read
Friday split the iron ore trade in two. The physical benchmarks gained and the listed producers lost ground.
Vale’s 1.80% fall to US$14.21 was the clearest number in the batch. It left the shares 6.70% lower over the week.
The stock now sits below both its fifty-day and two-hundred-day averages. Its fourteen-day relative strength index closed at 38.2.
The past twenty sessions have ranged between US$13.99 and US$16.02. Friday’s close was near the bottom of that range.
Vale closed at US$15.23 on Friday 11 September. The 6.70% weekly decline was measured from that level.
Rio Tinto and BHP fell far less over the same stretch. Their weekly declines were 2.59% and 1.01% respectively.
The real weakened 0.30% to 5.1445 per dollar on Friday. The Ibovespa fell 0.41% to 185,229.17.
02 The board
| Instrument | Level | Session | Week |
|---|---|---|---|
| Vale (VALE, New York) | US$14.21 | -1.80% | -6.70% |
| Rio Tinto (RIO) | US$97.37 | -0.68% | -2.59% |
| BHP (BHP) | US$86.27 | -0.34% | -1.01% |
| CSN (SID, New York) | US$1.10 | -6.78% | -13.39% |
| Gerdau (GGB) | US$4.94 | -3.14% | -4.08% |
| Steel fund (SLX) | US$106.09 | -2.10% | -2.64% |
| Copper tracker (CPER) | US$40.23 | +1.44% | +2.68% |
| SGX 62% Fe (per tonne) | US$96.05 | +0.26% | n/a |
The table separates the ore price from the companies that sell it. The benchmark rose while the listed producers fell.
CSN fell 6.78% on the day and 13.39% over the week. It was the weakest name in the batch.
The steel complex weakened alongside the miners. SLX fell 2.10% and Nucor dropped 6.32%.
Copper went the other way. The CPER tracker rose 1.44% on the day and 2.68% over the week.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
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03 What moved it
Chinese mills were restocking before the National Day holiday that runs from 1 to 7 October, according to Mining Weekly. That buying supported the physical benchmarks into the weekend.
The Dalian iron ore contract was reported at 715.5 yuan a tonne, up 0.70%, about US$106.83. The SGX benchmark was reported at US$96.05, up 0.26%.
Another report put the most-traded Dalian contract at 711 yuan a tonne, up 0.35%. The two figures could not be reconciled from the material available.
The steel fund SLX fell 2.10% and Nucor dropped 6.32%. ArcelorMittal fell 3.52% to US$72.53 and Cleveland-Cliffs 2.04% to US$12.50.
That divergence is the day’s central fact. Ore prices firmed while the companies that process and sell steel lost ground.
Port inventories in China built up, according to SMM. Average daily port outbound volume fell 25,000 tonnes to 3.21 million tonnes.
The SGX contract fell 2.43% on the week, according to SMM. The Dalian contract fell 1.05% over the same stretch.
04 The Latin American read
Vale fell 1.80% to US$14.21 in New York. CSN Mineração fell 5.05% in São Paulo, according to Investidor10.
CSN’s New York ADR, ticker SID, dropped 6.78% to US$1.10 on Friday. It fell 13.39% over the week.
The real weakened 0.30% to 5.1445 per dollar. The Ibovespa fell 0.41% to 185,229.17.
Chile’s market was closed on Friday for the Fiestas Patrias. CAP, the steel and iron ore group, fell 3.58% in the week to Thursday 17 September, according to RT Santiago data.
Mexico’s IPC closed at 63,375.93, down 0.78%. Grupo México fell 2.38% to 210.72 pesos, about US$12.23.
The Brazil fund EWZ lost 0.58% to US$37.52. The Latin America fund ILF fell 1.16% to US$35.04.
05 The names to watch
Vale’s New York listing is the cleanest instrument for the week’s move. It fell 6.70% while Rio Tinto lost 2.59%.
CSN Mineração fell 5.05% in São Paulo on Friday, according to Investidor10. Its parent, CSN, trades in New York as SID and dropped 6.78% to US$1.10.
Gerdau fell 3.14% to US$4.94 on Friday. Ternium fell 1.48% to US$57.23 over the same session.
Grupo México fell 2.38% to 210.72 pesos, about US$12.23. The copper tracker CPER rose 1.44% on the same day.
Nucor dropped 6.32% to US$248.38. That was the sharpest single-day fall among the steelmakers in this report.
CAP fell 3.58% in the week to Thursday 17 September, according to RT Santiago data. Santiago was shut on Friday.
06 The outlook
China’s loan prime rates are due on Monday 21 September. The one-year consensus is 3% and the five-year 3.5%, both unchanged from the prior reading.
China’s Mid-Autumn Festival falls on Friday 25 September. The National Day holiday then runs from 1 to 7 October.
Chinese mills were restocking before that holiday, according to Mining Weekly. The buying window closes when the holiday begins.
Vale’s fifty-day average sits at US$14.68 and its two-hundred-day at US$15.29. Both are above Friday’s close of US$14.21.
Brazil’s IPCA-15 inflation reading lands on Friday 25 September. The year-on-year consensus is 4.5%, against 4.24% prior.
The CPER tracker rose 1.44% while the iron ore producers in this report fell. Copper and iron ore are trading on different demand stories.
07 What to watch
- Vale’s relative strength index: 38.2, below neutral but above oversold.
- CSN’s weekly decline: Down 13.39%, the weakest in the batch.
- The SGX benchmark: US$96.05, up 0.26% on the day.
- China’s loan prime rates: Due Monday 21 September, with the one-year consensus at 3% and the five-year at 3.5%.
- Brazil’s IPCA-15: Due Friday 25 September, with year-on-year consensus at 4.5% against 4.24% prior.
- The steel complex: SLX fell 2.10% and Nucor 6.32%.
Frequently Asked Questions
Where did Vale close on 18 September 2026?
Vale’s New York shares closed at US$14.21, down 1.80% on the day and 6.70% over the week from US$15.23.
What did the iron ore benchmarks do?
The SGX 62% benchmark was reported at US$96.05 a tonne, up 0.26%. The Dalian contract was reported at 715.5 yuan a tonne, up 0.70%, about US$106.83, though another report put the most-traded contract at 711 yuan.
Why did iron ore shares fall while the ore price rose?
Chinese mills were restocking before the 1 to 7 October holiday, according to Mining Weekly. The steel fund SLX fell 2.10% and Nucor dropped 6.32%.
How did the other major producers do?
Rio Tinto fell 0.68% to US$97.37 and BHP 0.34% to US$86.27.
How did Brazilian iron ore names perform?
CSN Mineração fell 5.05% in São Paulo, according to Investidor10. Its parent, CSN, trades in New York as SID and dropped 6.78% to US$1.10, while Gerdau fell 3.14% to US$4.94.
What is the next data point for Brazil?
The IPCA-15 inflation reading is due on Friday 25 September. The year-on-year consensus is 4.5%, against 4.24% prior.
Sources: RT end-of-day series for VALE, RIO, BHP, SID, GGB, SLX, CPER, EWZ, ECH and the currency pairs; Metal.com’s MMi Daily Iron Ore Report for the Dalian contract; Mining Weekly for the SGX benchmark and Chinese pre-holiday restocking; SMM for port inventories and weekly contract moves; Investidor10 for CSN Mineração’s São Paulo move; RT Santiago data for CAP; BMV for the Mexican IPC close; RT economic calendar for the week ahead.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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