Chanticleer
Why China could deliver BHP, Rio and FMG a double blow
China’s peak demand for iron ore has likely passed, and the rebalancing of steel from construction to export sector may see iron ore caught up in increasing trade tensions.
Australia’s big iron ore miners had a spring in their step on Thursday after iron ore prices in China leapt 5.9 per cent to $US115.85 a tonne, on hopes that signs of better demand for construction in China would support activity.
Right on cue, shares in BHP, Fortescue and Rio Tinto rose, helping to end five days of selling on the ASX.
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