Mining Companies Hurt by Ore Drop and China Lower Exports

Shares in some of the world’s biggest mining companies have been hit by a slump in the price of iron ore, amid fears of a slowdown in China’s economy.

Iron ore delivered into China fell 8.3% on Monday after Beijing reported weak export data over the weekend.

China is one of the biggest consumers of the commodity and there are concerns a slowdown in its economy may hurt demand and impact miners’ profits.

Shares of BHP Billiton, Rio Tinto and Glencore Xstrata all fell.

Rio Tinto shares ended the day down by 5.7%, while BHP Billiton fell more than 4% on the Australian Securities Exchange.

Fortescue Metals tumbled nearly 10% in Sydney on Monday.

Mining stocks listed in London were also hurt, with Anglo American, Antofagasta and Glencore Xstrata all down by more than 2%.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza