0500 GMT - Roughly 5% of iron ore supply looks to be losing money at current prices, according to UBS. "This continues to provide a degree of cost-curve support, even as market fundamentals appear softer, including elevated Chinese port inventories," the bank says. Spot iron ore trades at around $102 per ton, effectively in line with the 95th percentile of the industry's cost curve, says UBS. Yet with inventories building, positioning net short and incremental supply rising, UBS sees "downside risk emerging if demand does not recover and marginal tons begin to exit." If iron ore prices fall, the stocks of higher-margin producers including BHP and Rio Tinto would likely fare better than lower-margin operators including Fortescue and Mineral Resources, UBS says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 17, 2026 01:00 ET (05:00 GMT)

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