Aussie miners at over 1-year low as iron ore prices fall on demand woes

Syrah Resources

15/03/2024 01:32

** Australian mining stocks  .AXMM  fall as much as 2.5% to
hit their lowest level since Nov 2022
    ** Dalian iron ore futures prices extended declines,
pressured by demand in top consumer China despite Beijing's
latest pledge of equipment upgrades  IRONORE/ 
    ** Lithium miner Syrah Resources  SYR.AX  topped losses on
the sub-index to slump as much as 20.7% after co completed a
discounted placement 
    ** AXMM sub-index down for two straight weeks, losing over
3.5% in value so far 
    ** Shares of top miner BHP Group  BHP.AX  fall as much as
2.2% while those in Rio Tinto  RIO.AX  dip as much as 3.2% 
    ** AXMM down ~11.7% this year, as of last close versus a
19.3% rise in the benchmark S&P/ASX 200 index  .AXJO  

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