The Ibovespa slipped to trade near 182,500 on Tuesday, pressured by declines in the energy and mining sectors. Petrobras fell more than 1%, tracking lower oil prices as US and Iranian officials continued indirect talks via mediators. In the mining complex, Vale retreated over 1.5%, while CSN Mineração and Usiminas each lost more than 3% amid a drop in iron ore prices.
Iron ore futures in China closed lower, weighed down by higher port arrivals and persistently weak steel demand ahead of a national holiday. Against this backdrop, CSN Mineração announced a temporary cut in low-grade iron ore production, citing increased freight costs and a challenging market environment. Steelmakers also came under heavy pressure, with CSN tumbling 8%.
On the macroeconomic front, the unemployment rate stood at 5.3% in the rolling quarter ended in August, unchanged from the previous three-month period and in line with market expectations. In politics, an Atlas/Bloomberg poll showed a technical tie between President Lula and Flávio Bolsonaro in a simulated second-round runoff for the October presidential election.
