Brazil's Vale SA (VALE), the largest exporter of steel-making iron ore, has usurped its two nearest rivals to become the lowest-cost producer as a slump in the price of oil cuts shipping costs, according to Sanford C. Bernstein Ltd. "In the last few months we have seen the price for bunker fuel collapse in lock-step with the decline in the global oil price and with it a reordering of the cost position of the global iron-ore industry has taken place," Paul Gait, an analyst at Bernstein in London, wrote today in a report. Rio Tinto Group and BHP Billiton Ltd. (BHP) are the biggest exporters after Vale. Their Australian mining hubs have traditionally held a cost advantage over Vale due to their proximity to China.
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机译：Sanford C. Bernstein Ltd.的数据显示，巴西最大的炼钢铁矿石出口商Vale SA（VALE）已取代其两个最接近的竞争对手，成为成本最低的生产商，因为油价下跌降低了运输成本。保罗•盖特说：“在过去的几个月中，我们发现船用燃料的价格与全球石油价格的下跌步调一致，因此对全球铁矿石行业的成本状况进行了重新排序。”伦敦伯恩斯坦（Bernstein）的分析师今天在一份报告中写道。力拓集团和必和必拓有限公司（BHP）是仅次于淡水河谷的最大出口商。由于它们靠近中国，其澳大利亚的采矿中心传统上比Vale具有成本优势。
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