On October 7, Vale SA fell 3.09% in regular trading, trading at $13.64 per share, with turnover of $165 million. The decline came despite reports that the company is considering a debut panda bond issuance in China of up to 3.5 billion yuan to diversify funding sources. Weakness across the steel sector added pressure, with Nucor down 1.24%, ArcelorMittal SA down 4.28%, Cleveland-Cliffs down 2.98%, Steel Dynamics down 1.28%, and Reliance Steel & Aluminum down 1.33%. Market sentiment has also been dampened by recent downgrades or price target cuts from major institutions including Goldman Sachs and Bank of America, reflecting cautious views on key metal prices.
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