Industry News

Mining star Fortescue turns biggest loser, thanks to China slump

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Update time : 2024-03-04 15:31:35

Iron ore behemoth Fortescue’s months-long stock rally suffered a big pullback last month, as investors turned sour on the company’s earnings growth and high exposure to slumping metal prices amid China’s rocky recovery.

The world’s fourth-largest iron ore miner is tipped for the greatest earnings slowdown over the next year compared with peers BHP, Rio Tinto and Brazil’s Vale, according to data compiled by Bloomberg.

Shares of the Australian firm founded by billionaire Andrew Forrest have surged almost 30 per cent in the past six months, outpacing peers. But since the start of this year, its shares have tumbled alongside iron ore, one of 2024’s worst-performing major commodities.

As a relatively high-cost producer, the miner is more sensitive to iron ore price swings compared to its peers, according to Mohsen Crofts, a Bloomberg Intelligence analyst based in Sydney.

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