A pollution crackdown in China’s rustbelt is starting to weigh down on the price of iron ore, the steelmaking ingredient that is the biggest generator of profits for leading miners.
Iron ore was last year’s best performing major commodity, rising 75 per cent to $160 a tonne on the back of strong demand from its biggest customer China and supply disruptions in Australia and Brazil.
That boosted profits at big producers such as BHP Group, Rio Tinto, Fortescue Metals and Vale, which rewarded their shareholders with multibillion-dollar dividend payouts.
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