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RIO - Rio Tinto News Story

6300p -275.0  -4.2%

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Basic Materials
Large Cap
Market Cap £106.45bn
Enterprise Value £110.32bn
Revenue £31.75bn
Position in Universe 12th / 1827

BUZZ-Aussie iron ore miners post 3rd straight weekly loss as Tanghan curbs hurt prices

Fri 19th March, 2021 5:15am
** Australian mining heavyweights with exposure to iron ore post their third straight weekly loss and were set for heavy declines for the month ** Global miner Rio Tinto RIO.AX down over 1% for the week, has slumped ~14% since the start of March ** Fortescue Metals Group FMG.AX , world's fourth-largest iron ore miner, has shed ~12% in the last three weeks ** BHP Group BHP.AX falls ~2% in the week, down ~10% month-to-date ** Chinese iron ore and coke futures on the Dalian Commodity Exchange slump on Friday as traders fretted over the prospects of further production cuts in the top steelmaking city of Tangshan IRONORE/ ** Prices of the raw material have been hurt by Tangshan anti-pollution curbs, as the city has pledged to cut emissions by 50% during the heavy pollution period and punish those who fail to implement production curbs ** Morgan Stanley on Thursday warned the measures could be the beginning of "major" iron ore market headwinds, potentially taking it from a significant deficit to balance*:nL4N2LF0SN <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Aussie iron ore miners fall as Tangshan curbs hurt prices ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Shruti Sonal in Bengaluru) ((; Twitter: @shrutisonal26))
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