Get your ore in. The iron ore price has fallen by more than a third in the past year to $115 a tonne, although China is still buying up whatever Rio Tintocan produce, in spite of the country’s managed economic slowdown. Rio, with its multi-decade investment horizons, plans beyond short-term price variations. China’s slowdown could be shortlived if stimulus measures kick in during the fourth quarter. But Rio, which derived nine-10ths of its $5.2bn of underlying half-year earnings from iron ore, cannot be complacent: it is more exposed to the iron ore price than peers.
買進礦商股票吧。過去一年里，鐵礦石價格下跌逾三分之一，至每噸115美元，盡管中國在有管理的經濟放緩之際，仍在買下力拓(Rio Tinto)的全部供應。擁有幾十年投資視野的力拓，在規劃時不受短期價格變動的影響。中國的經濟放緩可能是短暫的——如果刺激措施在第四季度落實到位。但力拓不能自滿，其52億美元的半年度基礎利潤中，90%來自鐵礦石；它比業內同行更易受鐵礦石價格影響。