NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are down by 1.12% to $7.06 in early afternoon trading on Monday, as some U.S. traded Brazil-based stocks decline along with the Ibovespa.

The index fell to a four week low as iron ore company Vale (VALE) tumbled due to a decline in the steel making ingredient's price. Iron ore dipped after a report out of China showed stockpiles of the material grew to its highest level in a year, Bloomberg reports.

Banco Bradesco is a Sao Paulo-based multiple service bank that offers clients in Brazil and abroad a range of financial products and services.

The Ibovespa was down by 1.8% to 50,810.98 earlier today.

Vale was the biggest contributor to the benchmark equity gauge's slump, and six of the 10 worst performers today were related to steel making.

"It's all about Vale and other raw-materials today," Raphael Figueredo, an analyst at the brokerage Clear Corretora, told Bloomberg. "The mood for emerging markets is more negative now."

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