Iron Ore Prices May Fall in Q4

A source with Brazil's iron ore supplier Mineracao e Metalicos said international iron ore prices in the fourth quarter are likely to fall by 8 percent from the previous three months. The world's three leading iron ore suppliers - Vale, Rio Tinto and BHP Billiton have persuaded major steelmakers around the globe to buy ore on a floating price basis over the past three months. He noted the ore price would go down slightly in the fourth quarter, but is supposed to be higher than the $112 level in the second quarter.