Second-half results from the Australian mining triumvirate of Rio Tinto, BHP and Fortescue are likely to draw a grim picture of a sharp drop in iron ore prices and demand from top metals consumer China.
Half-year 2021 earnings at Fortescue, a pure-play iron ore miner, will likely drop by roughly a third, while six-month profit growth at more diversified, larger rivals Rio Tinto and BHP is expected to be knocked down.
Prices of the steel-making commodity halved from record levels over the December-half as China's push to curb emissions and easing construction activity in its debt-laden property sector curtailed demand, and analysts contend they will remain way off last year's peak for some time.
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First Published: Feb 14 2022 | 09:50 AM IST