Iron ore prices have hit their lowest level in two years as China’s stricken property sector depresses steel demand, threatening to squeeze earnings at the world’s largest mining houses.
Prices for the key steelmaking ingredient have plunged by more than a third since the start of the year, cumulatively wiping off about $100bn in market capitalisation of the “big four” iron ore miners — BHP, Rio Tinto, Vale and Fortescue.
Iron ore for delivery to Qingdao has slipped to $92.2 per tonne, the lowest since November 2022 and below the key $100 mark at which high-cost production starts to become unprofitable, according to Argus data.
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