Rio Tinto, the Anglo-Australian miner, has pointed to “signs of stabilisation” in the Chinese property market after weak demand from the country’s construction sector hit the price of iron ore last year.
Demand from Chinese steel mills has driven growth for global miners over the past decade, but weakness in the housing market over the past year has triggered volatility in the iron ore price, which dropped 8 per cent during the fourth quarter, according to Rio.
Miners including Rio and BHP have said commodity demand in China has shifted towards manufacturing, renewable energy and electric vehicles.
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