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%.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.