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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlas Iron Fpo (delisted) | ASX:AGO | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.045 | 0.045 | 0.046 | 0.00 | 01:00:00 |
By Rhiannon Hoyle
Iron-ore prices sank to a near five-and-a-half year low and mining company shares fell, as cutbacks to steel output ahead of the Asia-Pacific Economic Cooperation forum in China dented demand for the steelmaking commodity.
Beijing hustled to "ensure cleaner air" before the summit, when major world leaders would descend on the city, said Commonwealth Bank of Australia analyst Lachlan Shaw. The move prompted heavy industry, such as steel plants, to pare production. Before the push, residents in China's capital endured some of the year's worst air pollution over the past two months.
Iron ore fell 1.4% Wednesday to US$76 a metric ton, according to data provider The Steel Index, and is now down 43% year-to-date. It is the benchmark's lowest value since June 2009.
The plunge is also battering the value of companies that mine the raw material, like Australia's Fortescue Metals Group Ltd. (FMG.AU) and Atlas Iron Ltd. (AGO.AU). Their stock prices fell 8.5% and 17%, respectively, Thursday. China is the world's largest iron-ore buyer.
RBC Capital Markets says a glut of the commodity, including the availability of cheap stocks sitting at major Chinese ports, continues to weigh on prices. Australian mining companies like Fortescue and Rio Tinto PLC (RIO.LN) have boosted production to record rates as new mines planned when prices were booming become operational.
Still, seasonal inventory restocking ahead of winter in the Northern Hemisphere, which tends to disrupt shipments each year as temperatures plummet, should help support prices heading toward year-end, RBC said in a note.
Write to Rhiannon Hoyle at wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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