On August 14, Rio Tinto PLC declined 3.01% in regular trading, trading at $98.165/share, with turnover of $158 million, as fresh pressure emerged from China's state-owned minerals buyer during annual iron ore contract talks.

State-owned China Mineral Resources Group (CMRG) directed some steel mills to halt negotiations for iron ore shipments beyond September. CMRG is seeking to negotiate on behalf of more than half of China's annual iron ore imports and is encouraging mills to cede their negotiation rights to the state buyer, strengthening its leverage with major suppliers including Rio Tinto.

The broader iron ore market backdrop compounds the pressure. The global iron ore market has maintained a supply-strong, demand-weak pattern throughout the year, with first-half global shipments rising 4.5% year-over-year while global pig iron production fell 1.3%. Analysts expect the price center to shift lower to the $80-90/ton range in the second half. The Diversified Metals and Mining sector declined broadly, with BHP Billiton down 2.84%, Teck Resources down 3.76%, and HudBay Minerals down 4.93%.

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