Australia mining shares tumble as iron ore price at two-month low
By James Regan
SYDNEY, July 3 (Reuters) - Shares in Australia's biggest iron ore miners tumbled on Friday, after the price of the steel making raw material hit the lowest in more than two months amid further evidence of growing shipments to China.
Iron ore for immediate delivery to China .IO62-CNI=SI stood at $55.80 a tonne, its weakest since late April, Reuters data showed.
"This is the downside of the $50-$60 range where iron ore belongs in this stage of the cycle," said Morgans Financial analyst James Wilson.
"It could continue to creep lower if companies start showing strong quarterly production figures this month, as expected," he said.
Iron ore exports to China from Australia's Port Hedland rose 3 percent to 32.61 million tonnes in June from a month earlier.
The June increase at the world's biggest iron ore terminal helped sweep total iron ore exports for the fiscal year ended June 30 to 439.6 million tonnes, up 21 percent and also a record, according to the Pilbara Ports Authority.
Of that total, 373.24 million tonnes were destined for China.
Shares in top Australian producer Rio Tinto were down 1 percent at 0236 GMT, while no.2 producer BHP Billiton lost 2 percent. Fortescue Metals Group, a distant third, was 5 percent lower. Continuación...