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Funds manager Blackrock (NYSE:BLK) has sold off a significant portion of its iron ore exposure in recent days, according to Steel Guru.
Funds manager Blackrock (NYSE:BLK) has sold off a significant portion of its iron ore exposure in recent days, according to Steel Guru.
As quoted in the market news:
[The world’s biggest mining investor] sold down close to USD 60 million worth of shares in iron ore stocks last Thursday in a series of transactions that coincided with iron ore suffering its biggest price fall since June. Australian pure play iron ore miners Fortescue Metals and Atlas Iron were the main targets, while smaller parcels of shares in Rio Tinto and Brazilian miner Vale were also sold down.