Business
Why Rio Tinto (ASX:RIO) and 2 other ASX iron ore mining shares sit at record highs
Despite surging COVID-19 cases in Europe and the US, rising trade tensions with China and a strong Australian dollar, ASX iron ore mining shares are still on the rise. The Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Limited (ASX: FMG) and BHP Group Ltd (ASX: BHP) share prices have all managed to stay near record-all time highs.
Iron ore prices at record highs
Iron ore prices have held onto 8-year highs, above the US$120 per tonne level. This has been driven by China’s significant infrastructure spending, from renewable energy projects to railways and airports. The significant spending in infrastructure is holding up commodity prices across the board. The Baltic Dry Index, a benchmark for the cost of shipping…
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