Mining stocks listed on the ASX faced a rough start to the week, taking a plunge as investors digested concerning developments from China. The ASX 200 itself was not immune, recording a decline of 0.56% since the start of the week, with those in the mining sector seeing a more significant dip.
These downturns were primarily driven by market jitters stemming from news that put a damper on future demand prospects for Australian mineral exports. China, one of the largest importers of Australian resources, has delivered disappointing updates in the eagerly anticipated stimulus package, that was perceived as having focused more on internal debt restructuring than stimulating consumer spending.
BHP shares (ASX: BHP) have fallen a little over 6% since the start of the week, Rio Tinto’s share price (ASX: RIO) has dropped 5.1%, with Fortescue (ASX: FMG) down 7.26%. Despite Fortescue’s shares proving the best of the three in today’s session, the year-to-date decline of 38.28% has given holders little to smile about.
With the weight of the miners pulling the Aussie markets lower, the YTD picture so far has been one that has offered a difficult backdrop for index investors. Each of the three major miners above are down double digit percentages through 2024, with the bulls eagerly anticipating a move that could push markets higher. As mining companies continue to navigate these choppy waters, they must balance short-term market realities with a growing imperative for environmental responsibility and strategic foresight.
Top Australian Brokers
- City Index - Aussie shares from $5 - Read our review
- Pepperstone - Trading education - Read our review
- IC Markets - Experienced and highly regulated - Read our review
- eToro - Social and copy trading platform - Read our review
Don’t Buy Just Yet
You will want to see this before you make any decisions.
Before you decide which shares to add to your portfolio you might want to take a look at this special report we recently published.
Our experts picked out The 5 best ASX shares to buy in 2024.
We’re giving away this valuable research for FREE.
Click below to secure your copy