Brazil's Vale plans to unveil a reduction of 10% in ore prices from October.

A company spokeswoman quoted director of development Jose Carlos Martins as saying that Vale will define new prices next week.

Mr Martins told Estado that iron ore prices should be 9% or 10% lower as part of the company's quarterly pricing strategy.

Estado reported, citing analysts reported that Brazilian company will charge its customers USD 135 per tonne on average from USD 150 now. The move follows a drop in spot prices in China in the past months.

(Sourced from Reuters)