Iron ore price drop to hit big miners
Iron ore prices have fallen to seven month lows and are likely to weigh on the share prices of Australia’s biggest miners, just as they prepare to report their profit results.
Rio Tinto is expected to report its final year earnings on Thursday, while BHP Billiton and Fortescue Metals Group will report their December half results next week. In the past, strong iron ore prices have helped to bolster their company earnings and share prices.
The major miners are each trading higher heading into this week’s busy reporting period. Rio’s share price is $65.96, BHP shares are $39.09 and Fortescue is $5.60.
Iron ore was last quoted by the Steel Index at $US120.90 a tonne. That is down 10.5 per cent since the start of the calendar year.
Read more at: http://www.afr.com/p/markets/iron_ore_price_drop_to_hit_big_miners_8h2Xq3TT9ol5aexW1z3UMO
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