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Vale slashes iron ore prices

Brazilian miner Vale will slash its iron ore prices by 10% in October.
 The world’s largest iron ore producer said the price cut came on the back of a drop in Chinese demand, a Vale spokesperson told the AFP.
 This is a step back from the 170% leap in iron ore prices over this past year as China’s steel industry, and its demand for the mineral, grew exponentially.
 This cut in price will also affect other Asian, as well as European, economies.

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