Vale’s 32% collapse from a late-July high makes the Rio de Janeiro-based miner worth less than MercadoLibre, an e-commerce powerhouse now valued at $ 90 billion following strong performance in financial technology that registered the last quarter.

The shift in positions, where a new economy platform snatches first place from a 79-year-old commodity producer, may be consolidated after Chinese efforts to clean up its highly polluting industrial sector sent iron ore plummeting. below $ 100 a metric ton.

Last week, UBS Group cut Vale’s buy-sell recommendation by two seats, while Bradesco estimates risks in a volatile commodity price environment are skewed to the downside. If iron ore averages $ 90 next year, Vale’s pre-game earnings may not reach consensus estimates by 38%.

Vale’s change in fortune could have been even more dire were it not for the massive $ 13.8 billion in investor payments announced so far this year.