Vale Falls 2.53% as Rio Tinto Drops 3.12% | Iron Ore, Oct 29
Key Facts
- Vale, Brazil’s iron-ore giant, fell 2.53% to US$11.18 in New York on Thursday, October 29, and 2.2% in São Paulo.
- Rio Tinto, the Anglo-Australian miner, lost 3.12% to US$83.25 while BHP, the Australian giant, fell 0.49% to US$81.82.
- Brazil’s steelmaker Gerdau jumped 5.10% to US$4.74, and ArcelorMittal, the world’s second-largest steelmaker, gained 2.47%.
- Brazil’s stock index, the Ibovespa, fell 1.06% and the real weakened about 0.6% to R$5.38 per US dollar.
Today’s Focus
Iron-ore miners fell on Thursday while steelmakers rose. Vale lost 2.53% in New York and Rio Tinto 3.12%, but Gerdau, a Brazilian steel producer, gained 5.10%.
Brazil’s market had a weak day too, with the Ibovespa down 1.06%.
We did not have a verified iron-ore price for Thursday, so the shares are the guide.
What matters today. Iron ore is one of Brazil’s largest exports, and Vale’s share price is a quick read on both Chinese steel demand and Brazil’s market mood.
01 The session in one read
Vale closed at US$11.18 in New York, down 2.53%, and fell about 2.2% in São Paulo. Rio Tinto closed at US$83.25, down 3.12%.
Steel went the other way. Gerdau rose 5.10% to US$4.74 and ArcelorMittal 2.47% to US$61.79.
The S&P 500 fell 0.30% and the Nasdaq 1.38%, so miners were not alone in the red.
Vale and Rio Tinto fell together, which points to a sector move and not to a Vale-specific problem. Steelmakers rose at the same time, which can mean investors expect lower raw-material costs.
We could not confirm a trigger and had no verified ore price. The variable to watch is China’s steel output, which drives ore demand.
02 The board
Vale is one of the world’s largest iron-ore producers. Its New York shares are the US way to own the theme.
BHP fell 0.49% to US$81.82. Rio Tinto, which mines most of its ore in Australia, lost 3.12%.
| Asset | Level | Change |
|---|---|---|
| Vale (New York) | US$11.18 | −2.53% |
| Vale (São Paulo, VALE3) | R$60.05 | −2.17% |
| Rio Tinto | US$83.25 | −3.12% |
| BHP | US$81.82 | −0.49% |
| Gerdau (New York) | US$4.74 | +5.10% |
| ArcelorMittal | US$61.79 | +2.47% |
Source: RT close, 2026-10-29. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 169,186.42 | -1.06% | +19.56% | 171,006.10 | 178,526 | 175,157 | — |
| IPSA | 10,545.23 | -1.24% | — | 10,677.94 | 10,722 | 10,633 | — |
| IPC MEX | 69,441.29 | +0.37% | +12.74% | 69,182.39 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,489.93 | -0.63% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
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03 What moved it
Brazil’s main stock index, the Ibovespa, fell 1.06% on Thursday and the real weakened, a mixed backdrop for exporters.
A weaker real raises the local value of Vale’s dollar sales, but the share still fell with the market.
04 The Latin American read
Brazil’s Ibovespa has now lost ground every session since the 26 October crash. Vale is one of its heaviest weights, so its fall of about 2.2% in São Paulo added to the index’s decline.
Gerdau’s rise stood out against the market’s mood.
05 The names to watch
Vale and Rio Tinto are the two names most US readers can trade. Gerdau and ArcelorMittal show how steelmakers fared on the same day.
We did not have reliable prices for other Brazilian miners and steel groups such as CSN, a Brazilian steelmaker, beyond its fall of 2.51% in New York.
06 The outlook
Iron-ore shares will follow China’s steel demand and the Brazilian market in the short term.
A calmer Ibovespa would help Vale recover, while another weak Wall Street session could extend the fall.
07 What to watch
- China steel output: Weak output cuts demand for ore.
- Brazil’s stock market: Vale is a heavy weight in the Ibovespa and follows its mood.
- USD/BRL near R$5.38: A weaker real helps exporters’ earnings.
- Vale’s results: Production and sales figures move the share.
Frequently Asked Questions
Why did Vale fall on Thursday?
Vale lost 2.53% in New York as Brazilian and US markets fell. We could not confirm a company-specific cause.
What is iron ore used for?
It is the main raw material for steel.
Did steelmakers rise?
Yes. Gerdau gained 5.10% and ArcelorMittal 2.47%.
Why does iron ore matter for Brazil?
It is one of Brazil’s largest exports, led by Vale.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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