Three key Brazilian mining and steelmaking companies lost market value this week amid the coronavirus outbreak in China.
Local miner Vale and steel producers Gerdau and CSN saw the price of their stock decline at local São Paulo stock exchange B3. A media report by Estadao said Vale (Vale ON) shares dropped 6.12 percent on January 26, as compared to the previous day.
In terms of market value, Vale lost BRL 17.3 billion ($4.12 billion) in a single day, the media report said.
Gerdau preferred shares fell 7.94 percent on January 26, as compared to January 25, while saw its shares decrease 7.78 percent in the same period.
The decline in the companies’ stock started on Sunday, as the coronavirus outbreak spread to more countries.
Another media report said Vale canceled all business trips to China for an indefinite period due to coronavirus concerns.