Fortescue, BHP and Rio Tinto sink as tariff-driven mining selloff continues
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The news: Shares in the country's largest iron ore miners BHP, Fortescue and Rio Tinto all fell by more than 3% as iron ore futures prices dropped.
The numbers: Materials, down 2.7%, was the worst performing ASX 200 sector at 3pm AEDT, as Fortescue (-3.9%), BHP (3%) and Rio Tinto (3%) all tumbled. The broader index was 1.3% lower.
Iron ore futures were down 1.3% to USD103 a tonne on the Singapore Exchange.
The context: The latest decline followed US President Donald Trump's announcement that his proposed 25% tariffs on Mexican and Canadian goods will take effect on 4 March. The US will also apply an extra 10% duty on Chinese imports, in addition to the 10% tariff imposed earlier this month.
Iron ore prices have also been hit by US plans for 25% tariffs on all steel and aluminium imports, leading to Vietnam announcing temporary anti-dumping levy on some Chinese steel products, while South Korea has provisionally imposed tariffs on Chinese steel imports.
The source: Reuters
