Aussie mining stocks fall as iron ore prices slide

5E Advanced Materials

25/05/2023 01:45

** The Australian mining sub-index  .AXMM  falls as much as
1.7%, hitting its lowest since March 24
    ** Iron ore futures stretched losses overnight, languishing
below $100 a tonne, as steel prices slumped in China on economic
recovery worries  IRONORE/ 
    ** Behemoths BHP Group  BHP.AX  and Rio Tinto  RIO.AX  fall
1.9% and 1.1%, respectively
    ** Fortescue Metals Group  FMG.AX  skids 3.3% to hit lowest
since Nov 29, 2022
    ** Minerals explorer 5E Advanced Materials Inc  5EA.AX 
tumbles 14% and is the biggest laggard in the sub-index
    ** AXMM down 1.1% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))