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Shares of Vale SA (NYSE: VALE), one of the world's largest iron ore producers traded at new 52-week lows on Tuesday at $5.20, down more than 5 percent. Shares of Rio Tinto plc (NYSE: RIO) also established new 52-week lows on Tuesday at $38.26 as shares were lower by more than 3 percent. BHP Billiton Limited (NYSE: BHP) traded as low as $37.86 before slightly rebounding above $38.00 per share and trading lower by 3.46 percent on the day. Iron ore producers with smaller market caps saw steeper declines on Tuesday. Cliffs Natural Resources Inc. (NYSE: CLF), a supplier of iron ore pellets to the North American steel industry saw its shares plummet more than 9 percent, establishing new 52-week lows of $3.06. Steel Prices Lowest In Over 20 Years A Reuters report on Monday stated that Chinese steel prices were trading at their lowest in more than 20 years as global demand continues to dip. The publication also cited analysts who are predicting that the "free-fall is not even close to an end." Shares of United States Steel Corporation (NYSE: X) also fell to new 52-week lows of $18.52 and were lower by more than 2 percent on the day. Similarly, shares of AK Steel Holding Corporation (NYSE: AKS) lost nearly 5 percent and traded at new 52-week lows of $3.03. See more from Benzinga © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Vale Inco is a nickel and copper producing company based in Brazil. Vale Inco produces nickel, copper, gold, palladium and platinum in Canada, and holds various exploration projects in Australia, in Brazil, in Canada, in Indonesia, in New Caledonia, in Peru and in Turkey. Its main assets in production are MCCREEDY WEST MINE and VICTORIA - INCO in Canada and its main exploration properties are EAGLE CREEK, MEL PROJECT, B20, SHEBANDOWAN - BAND-ORE and GARSON MINE in Canada and GOONGARRIE SOUTH - GOONGARRIE, HIGHWAY - GOONGARRIE, SCOTIA - GOONGARRIE, BIG FOUR HERON - GOONGARRIE, GOONGARRIE HILL - GOONGARRIE, TOBY PROPERTY and BORDER DOWNS in Australia. |