SHARES OF VALE, RIO TINTO AND BHP BILLITON FALL SHARPLY

Shares of major iron ore mining companies have fallen sharply over the last few days. Vale SA (NYSE:VALE), which reports earnings this week, is down more than 16% over the past three trading sessions. 

Australian miners Rio Tinto (NYSE:RIO) and BHP Billiton (NYSE:BHP) are down 8.56% and 6.15%, respectively, over the last three trading sessions. 

The pullback is likely happening due to a bearish note  on the iron ore market by Goldman Sachs.