A positive note... VALE is holding up better than PBR today but not as well as RIO. I guess Brazil and Iron Ore are double wammies. The dividend will NOT be cut... so it should be difficult for shorts to hold VALE down.
$110 should be a floor as that is the cost of Chinese miners to produce IO 62
Vale will be the lowest cost producer and it can make a healthy profit at $100/ton. Also don't forget that Vale also manages the Brazilian ports, produces nickel, coal and other basic materials. Their current dividend is only about 31% of earnings; so, the coverage is good and the dividend won't be cut