Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
Iron ore prices fell on Monday on worries of a possible steel output curbs during winter in China, and as pre-holiday restocking came to an end.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange ended daytime trading 2.03% lower at 844.5 yuan ($115.55) a metric ton, the weakest since September 11.
The benchmark October iron ore on the Singapore Exchange was down 4.23% at $116.05 a ton, as of 0704 GMT, also the lowest since September 11.
“It becomes increasingly clear that demand has hit the ceiling amid weaker-than-expected steel sales for September and October, and after the replenishment of raw materials to meet production needs over the upcoming week-long holiday break came to an end,” said Pei Hao, a Shanghai-based analyst at international brokerage firm FIS.
China will begin a week-long holiday to celebrate its Mid-Autumn festival and National Day from September 29.
Chinese property stocks tumbled the most in nine months as concern over a possible China Evergrande Group liquidation added to fresh signs of stress across the industry.
A Bloomberg Intelligence gauge of developer shares fell 7.1% Monday, taking its loss in valuation this year to almost $56 billion.
Evergrande, which scrapped key creditor meetings at the last minute and said it must revisit its restructuring plan, dived 22%. China Aoyuan Group was the biggest drag on the index, slumping by a record 72% after shares resumed trading following an 18-month halt.
($1 = 7.3084 Chinese yuan)
(With files from Reuters and Bloomberg)
