Iron ore futures fell by more than 20% last week, trading at under $100 per ton in New York. This is likely to hurt large iron ore producers such as Rio Tinto (NYSE:RIO), which derives over half its revenue from iron ore.
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China is taking steps to clean up its highly polluting industrial sector, impacting steel demand. There has also been a downturn in China’s property sector, which could also hurt demand.
Rio Tinto stock declined by about 7% over the last five trading days.