Business
Iron ore drops, Liberum issues sell on BHP – The Australian Financial Review
The spot price of iron ore fell below $US150 a tonne, with Chinese mills easing buying ahead of the Lunar New Year break.
In response, Liberum said it was downgrading Anglo American to hold from buy and BHP to a sell from a hold. It previously rated Rio a sell.
A key reason for its rethink, Liberum said, was because steel profitability in China is once again negative as costs of iron ore, coke and scrap have risen whilst spot steel prices have remained flat.
Until we see mill profitability back into positive territory, there is every incentive to destock and cut output, the London-based firm said.
Liberum said iron…
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