Iron ore price plunges on China fears
Iron ore has suffered its biggest one-day price fall in more than four years, tumbling below $US105 per tonne, and Chinese steel futures have dropped to record lows as concerns mount over the outlook for the Chinese economy, according to the Sydney Morning Herald.
Benchmark iron ore for immediate delivery to the port of Tianjin in China slumped 8.3% on Monday to trade at $104.70/t, taking its fall for the year to date to almost 22% and putting the commodity into bear market territory.
Shares in big iron ore miners took a hit in London amid the ongoing price rout, with BHP Billiton down 1.5% to £18.20, while Rio Tinto was 2.1% lower at £31.32 and Anglo America was off 2.1% at £14.31.
BHP on course to make more divestments
BHP Billiton’s preparations for a sale of its Western Australian nickel business have fired up speculation about other asset sales that would accelerate debt reduction and raise the chances of an early capital return, according to the Australian Financial Review.
Santos gives Pilliga a scrubbing after fines
Santos is spending $A17 million remediating an area in the Pilliga forest in northwestern New South Wales after a minor leak caused it to be fined just $1500, the second time it has been taken to task over the coal-seam gas project, according to The Australian.
Stories about the leak, from a holding pond 12 months ago, described it as polluting an aquifer with uranium at 20 times the drinking water limit.
