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Brazilian mining giant Vale, the world's biggest iron ore producer, said last Friday that it might reduce its iron ore prices by 10 percent this October, from $150/mt to $135/mt.
 
The decision, made as part of a quarterly revision of market prices, comes after a fall in demand in China, the top global customer.
 
Such a reduction would also slightly reverse a 170 percent increase in iron ore prices seen this year in response to strong for raw material. Vale's announcement has been reflected in spot prices for iron ore in China.
 
Nevertheless, Vale's revenues from sales of iron ore this year should still be more than double last year's figure, reaching around $30 billion (AU$33.89 billion).