Iron Ore Slips To $98 A Ton But Might Not Fall Much Further [Forbes]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Forbes
The major profit generator for five of the world's biggest mining companies, BHP, Rio Tinto, Fortescue, Vale and Anglo American, iron ore has eased back by around 5% from $103 a ton to $98/t a ton over the past week, a fraction of the 15% fall by copper and oil. Iron ore could fall further, but a floor price of $80/t is likely to underwrite the profits of the world's biggest miners, which might mean that they will reclaim some of their recent share price falls. BHP and Fortescue, which both saw their share prices drop by close to 10% at the height of the tariff storm, have reclaimed about 2% of their losses. Steeper falls could come if the U.S. v China trade war continues to worsen with China possibly forced to cut production in its giant steel sector, which would put pressure on the two major iron ore exporting countries, Australia and Brazil. But not everyone sees an inevitable iron ore price correction with a senior BHP executive telling Australian media yesterday that he
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