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Reuters reported Rio Tinto (ASX:RIO) says it is unlikely China’s new leadership will bring another stimulus to support iron ore trading.
Reuters reported Rio Tinto (ASX:RIO) says it is unlikely China’s new leadership will bring another stimulus to support iron ore trading.
As quoted in the market news:
Earlier rounds of stimulus helped drive global iron ore and coal prices to record highs. This in turn translated into soaring profits for the likes of Rio Tinto and other mega-miners, including BHP Billiton (BHP.AX) and Xstrata (XTA.L).
Since then, an economic downdraft has seen Chinese growth slow for seven successive quarters and left 2012 on course to be the weakest full year of growth since 1999 — albeit at a 7.7 percent clip that is the envy of developed economies.