Australian miners drop most in nearly 3 weeks on weak iron ore prices

Bellevue Gold

11/03/2024 01:21

** Australian mining stocks  .AXMM  lose as much as 2.2%,
their biggest intraday percentage loss since Feb 21 
    ** The sub-index hits its lowest level since Feb 29 
    ** Iron ore futures prices weakened on Friday as
lower-than-expected hot metal production and a persistent climb
in portside inventories in top consumer China weighed  IRONORE/ 
    ** Sector majors BHP Group  BHP.AX  and Fortescue  FMG.AX 
down as much as 2.3% and 2.9%, respectively
    ** Rio Tinto  RIO.AX  down as much as 2.8% at A$116.5, its
lowest level since late-Oct 2023 
    ** Bellevue Gold  BGL.AX  and Champion Iron  CIA.AX , worst
performers in the sub-index, lost 4.8% and 3.5%, respectively 
    ** AXMM down 10.4% this year, as of last close, vs a 3.4%
increase in the benchmark S&P/ASX 200 index  .AXJO 


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))