The performance of Australia’s mining stocks is lagging their global peers by the the most in over a year, as China’s uneven recovery and volatile metal prices weigh on shares.
Miner shares have trailed falling iron ore prices, which have sunk by 17% this year as China’s real estate slump continues to damp steel demand. Both Rio Tinto and BHP get more than half of their revenue from China. “We do expect the demand outlook out of China to stabilize into mid-year and be supportive of early-stage commodities, such as iron ore, coal,” UBS analysts including Lachlan Shaw wrote in an April 9 note.
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