Australian miners hit 8-month low on weak iron ore prices

Leo Lithium

12/07/2022 04:11

** Australia's metals and mining sub-index  .AXMM  drops as
much as 1.4%, its lowest since Nov. 11, 2021
    ** The sub-index is tracking a fall in benchmark iron ore
prices as fears about weakening demand for the raw material in
top steel producer China grew, where multiple cities are
enforcing fresh COVID-19 curbs  IRONORE/ 
    ** Sector major BHP Group  BHP.AX  slipped as much as 1.5%
to A$37.450, hitting its lowest level since Jan. 4
    ** However, rivals Rio Tinto  RIO.AX  and Fortescue Metals
 FMG.AX  rose up to 1.3% and 0.9%, respectively
    ** Leo Lithium  LLL.AX  is the top loser on the sub-index,
slumping 14.4% to hit a record low
    ** As of last close, AXMM down ~11.4% YTD, vs a 11.3% fall
in the benchmark index  .AXJO 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))