"Iron ore profits to drop by a third as miners eye China demand"

" \r\n \r\n \r\n \r\n \r\n \r\n\r\n Iron ore profits to drop by a third as miners eye China demand \r\n\r\nRio Tinto is the first of the global iron ore majors expected to report lower half-year earnings from this week, as supply chains normalize after Covid-19 and attention turns to how suppliers to China\u2019s steelmaking industry see customer demand.\r\n\r\nThe world\u2019s biggest iron ore producer is expected report its lowest half year earnings and dividend in three years on Wednesday, mostly on the back of a 15% fall in received iron ore prices over the period.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIron ore accounts for about 70% of Rio\u2019s earnings. A Visible Alpha consensus expects Rio to log profits of $5.85 billion and dividends of 185 US cents, 32% lower than last year\u2019s $8.63 billion and 267 US cents.\r\n\r\nIron ore prices have recovered this quarter to the highest in four months on hopes of targeted stimulus for China\u2019s property sector.\r\n\r\nChina\u2019s top leaders pledged on Monday to step up policy support for the economy amid a tortuous post-Covid recovery, focusing on boosting domestic demand, signalling more stimulus steps.\r\n\r\n\u201cThe China reopening trade is coming towards an end,\u201d said analyst Kaan Peker of RBC in Sydney. \u201cWe don\u2019t think there is going to be large stimulus.\u201d\r\n\r\nRio warned of the risk to global growth when it reported its quarterly production last week.\r\n\r\nThe world\u2019s biggest listed miner, BHP Group, reports on Aug. 2, when it is expected to log a 35% fall in underlying profit for the half to $7.45 billion from $11.6 billion for the second half of the 2021-2022 financial year.\r\n\r\nFortescue sets out its quarterly production results on Friday and its financial results on Aug. 27. Vale, the world\u2019s second biggest iron ore miner, reports its financial results July 27 after sales lagged output during the quarter.\r\n\r\n \r\n \r\n \r\n "

"Iron ore profits to drop by a third as miners eye China demand"

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