LONDON, March 19, 2026, 15:39 GMT
Rio Tinto Plc shares dropped roughly 5% to 6,322 pence late Thursday in London, as selling hit miners hard with metals prices sliding and the FTSE 100 losing ground. The stock lagged the wider UK market, which was coping with another surge in oil prices.
Rio’s reliance on iron ore hasn’t changed, and that’s coming into focus as new figures from China fail to ease demand concerns. Over January and February 2026, China brought in 210.02 million metric tons of iron ore. But steel production dropped 3.6%, while inventories at ports surged to a record 166.91 million tons. The material isn’t being used—it’s piling up.
Commodities took another hit. Gold slid over 5%, silver gave up more than 10%, and copper slipped to its lowest in three months. Brent crude bounced between $112 and $115 a barrel, following attacks on Gulf energy sites—raising worries about persistent inflation and dampened growth.
Buyers are staying cautious. “There’s just not enough money and confidence out there to push shares higher after the pullback,” said Michael Field, chief European equity strategist at Morningstar. That lack of conviction is weighing on growth-linked stocks like miners. Reuters
The main risk for Rio investors is clear. The Federal Reserve pointed to just a single rate cut this year. Bank of England rates? Still at 3.75%, and not a single dissenting vote. Montis Financial’s Dennis Follmer notes oil isn’t just moving stocks—it’s running the show for the Fed, too. Should energy prices hold up here, miners face the possibility of weaker demand plus tighter credit.
BHP is feeling the pinch, too. CEO Brandon Craig flagged intensifying competition for copper and stressed that maintaining strong links with China is essential. The big diversified miners are working to ramp up exposure to metals needed for the future, but they aren’t taking their eyes off iron ore profits.
There’s more copper coming for Rio. The company just locked in the Arizona land required for Resolution Copper—its U.S. joint venture with BHP—and committed to a $500 million drilling program this week. Katie Jackson, who leads Rio’s copper unit, said Resolution and similar projects could reinforce U.S. supply chains.
Even so, February numbers didn’t leave much to complain about. Rio posted underlying earnings — its go-to profit metric stripping out one-offs — at $10.87 billion, coming in short of consensus. Iron ore? Still the heavy lifter, accounting for roughly 60% of total earnings. Argo Investments’ Andy Forster summed it up as “a good result,” just “not as impressive as BHP.” Judging by Thursday’s share action, investors are sticking with the usual take: Rio’s still viewed mainly as an iron ore play, with copper growth further down the list. Reuters
