Stock Track | Mineral Resources Plummets 5.03% Amid China Steel Output Drop and Geopolitical Tensions

Stock Track
06-20

Mineral Resources Ltd (ASX:MIN) saw its stock price plummet by 5.03% in Friday's trading session, significantly underperforming its iron ore producing peers. This sharp decline comes in the wake of concerning data from China and growing geopolitical tensions in the Middle East.

The primary driver behind the sell-off appears to be the recent data showing a substantial drop in China's steel output. According to reports, China's steel production fell 6.9% year-over-year to 86.6 million tonnes in May, falling short of Westpac's forecast of 91 million tonnes. As China is a major consumer of iron ore, this decline in steel production could signal reduced demand for the raw material, potentially impacting Mineral Resources' future earnings.

Adding to the downward pressure is the escalating uncertainty surrounding potential US military action against Iran. White House spokeswoman Karoline Leavitt stated that US President Donald Trump is expected to make a decision within two weeks. This geopolitical tension is likely contributing to overall market nervousness, particularly affecting commodity-linked stocks like Mineral Resources. While other iron ore producers such as BHP Group (ASX:BHP) and Fortescue (ASX:FMG) also experienced declines, Mineral Resources' more pronounced drop suggests company-specific factors may also be at play.

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