21-09-2021, 06:34 AM
Continue downwards to US90.
![[Image: 8981268e1572d27b4a90f8f96d0af426]](https://s.yimg.com/ny/api/res/1.2/DXwREiLPWQbPs3fGxE.u6Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/wHPc9vDGR3C6hfjmmN1KUw--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/bloomberg_markets_842/8981268e1572d27b4a90f8f96d0af426)
James Thornhill
Mon, September 20, 2021, 3:41 PM
(Bloomberg) -- Australia’s top three iron ore miners have shed a combined $109 billion in share value in less than two months -- roughly equivalent to the market cap of General Electric Co. -- following a record-breaking price rout.
It’s a dramatic reversal of fortunes for Rio Tinto Group, BHP Group and Fortescue Metals Group Ltd., which only last month were showering record dividends on shareholders after prices of the steel-making ingredient surged to an all-time high above US$230 a ton in May. They’ve since plunged to near US$90 as China stepped up curbs on steel production to meet environmental goals.
Rio Tinto, the world’s biggest ore producer, has retreated 29% from July 29, BHP is down 30% and Fortescue has plunged 44%. That adds up to value destruction of A$150 billion ($109 billion)
https://finance.yahoo.com/news/mining-gi...18236.html
James Thornhill
Mon, September 20, 2021, 3:41 PM
(Bloomberg) -- Australia’s top three iron ore miners have shed a combined $109 billion in share value in less than two months -- roughly equivalent to the market cap of General Electric Co. -- following a record-breaking price rout.
It’s a dramatic reversal of fortunes for Rio Tinto Group, BHP Group and Fortescue Metals Group Ltd., which only last month were showering record dividends on shareholders after prices of the steel-making ingredient surged to an all-time high above US$230 a ton in May. They’ve since plunged to near US$90 as China stepped up curbs on steel production to meet environmental goals.
Rio Tinto, the world’s biggest ore producer, has retreated 29% from July 29, BHP is down 30% and Fortescue has plunged 44%. That adds up to value destruction of A$150 billion ($109 billion)
https://finance.yahoo.com/news/mining-gi...18236.html