Fortescue leads mining selloff as iron ore prices slide
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The news: Iron ore giants Fortescue, Rio Tinto and BHP extended losses from Tuesday as prices weakened for a third straight session.
The numbers: Fortescue (-5.7%), Rio Tinto (-2.8%) and BHP (-1.5%) were all trading lower at 3:30pm AEDT. Materials, down 2%, was the worst performing sector as the ASX 200 index fell 0.3%
Benchmark iron ore futures on the Singapore Exchange were down 0.7% to USD104.60 ($165.21) per tonne.
The context: Iron ore futures prices continued to fall after US President Donald Trump signed a memorandum last week targeting tougher restrictions on Chinese investment in strategic areas.
China's steel exports are also facing additional duties from Vietnam and South Korea, including temporary anti-dumping levies on some steel products.
The source: Reuters
