According to Ministry of Development, Industry and Foreign Trade (MDIC) in Brazil, the shipping quantity of iron ore from Brazil in October declined to 31.8 million tons, down by 2.3% from a year ago.

The export price of iron ore on average last month also dropped by 40% to US$59.5/ton to be the lowest since March, 2010. Moreover, the export revenue of iron ore decreased sharply by 41.3% to US$1.89 billion.

The demand for iron ore in China represents rapid slump to drive the export price of iron ore down sharply, making Vale S.A increase its net loss to around US$1.44 billion for Q3