Mining stocks slip as China woes hit iron ore prices

Shares of global mining groups listed in London were under pressure Tuesday as concerns about weak growth in China pushed iron ore prices to their cheapest in three months.Benchmark iron ore futures in Singapore fell nearly 5% to $121.10 a ton, the lowest price since November. Iron ore is used in the production of steel and therefore its pricing on futures markets tends to have a tight correlation with expectations of demand from China’s construction industry.Beijing on Tuesday cut a key mortgage rate by a ...