Iron ore miners weigh on ASX as prices sink below US$100
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The news: Iron ore majors weighed on the ASX in early trading after prices for the steelmaking material fell below USD100 ($160.73) per tonne on Friday.
The numbers: Champion Iron (-2.2%), BHP (-2%), Rio Tinto (-1.9%) and Fortescue (-1.7%) were all among the worst 10 performing stocks across the ASX 200 by 11am AEDT.
Materials, down 1.3%, was the only sector in red as the ASX 200 rose 0.44%.
The benchmark February iron ore on the Singapore Exchange was at USD98.3 a tonne, the lowest since 18 November.
The context: Singapore iron ore futures fell below USD100 per tonne on Friday, after Chinese steelmakers completed pre-holiday restocking of feedstocking.
China's iron ore imports are likely to hit a new high in 2025, according to a new Reuters survey. Higher imports will be driven by growing supply from producers such as Australia and Brazil, it said.
However, iron ore prices are expected to fall to between USD75 and USD120 a tonne in 2025, the survey said, versus USD88 to USD144 a tonne in 2024, according to data from consultancy Steelhome.
The source: Reuters
