Industry News

Rio Tinto, BHP and Fortescue shareholders are keeping a close eye on China.

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Update time : 2024-08-16 20:57:10

Following two days of heavy selling, Rio Tinto Ltd (ASX: RIO) shares are charging higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) iron ore miner closed down 3.6% yesterday, trading for $108.40. In early afternoon trade on Friday, shares are up 2.4%, changing hands for $110.95 apiece.

This sees Rio Tinto shares handily outpacing the 1.3% gains posted by the ASX 200 at this same time.

Its major rivals are also outperforming.

The Fortescue Metals Group Ltd (ASX: FMG) share price is up 4.0% to $17.48, while BHP Group Ltd (ASX: BHP) shares are up 2.4% to $40.14 apiece.

Today's outperformance comes despite the iron ore price sliding again overnight to trade for just over US$95 per tonne. In early May that same tonne was worth US$120. And at the beginning of 2024 iron ore was trading for US$144 per tonne.

Indeed, the big year to date decline now sees the industrial metal trading at its lowest levels since November 2022.

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