Australian miners fall after iron ore dips on China regulatory risks

Grange Resources

27/02/2023 02:53

** Australian miners  .AXMM  slump as much as 3.5% in their
biggest intraday pct drop since Nov 3, 2022
    ** Iron ore futures fell on Friday, with Chinese regulators
seeking to curb exuberance as expectations of stronger demand
for the steel making ingredient drove prices higher through the
week  IRONORE/ 
    ** Index heavyweights Rio Tinto  RIO.AX , BHP Group  BHP.AX 
and Fortescue Metals Group  FMG.AX  dip between 3.3% and 8.2%
    ** FMG shares hit their lowest since Oct 28, 2022; RIO
shares fall the most since Jan 3
    ** Shares of Mincor Resources  MCR.AX  and Grange Resources
 GRR.AX  lead losses, falling up to 8.5% and 9%, respectively
    ** Mining sub-index hits lowest since Jan 3 and on track for
a fourth consecutive session of fall 
    ** AXMM had gained 2.7% this year, as of last close

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))