Australian miners' earnings to shine spotlight on iron ore prices, demand

The world's biggest iron ore producer is set to log record annual earnings, owing to all-time high profits in its first half and a more diverse product mix

Iron ore mines, Mines, Iron ore

Representative picture.

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.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Feb 14 2022 | 09:50 AM IST

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