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.

买进矿商股票吧。过去一年里，铁矿石价格下跌逾三分之一，至每吨115美元，尽管中国在有管理的经济放缓之际，仍在买下力拓(Rio Tinto)的全部供应。拥有几十年投资视野的力拓，在规划时不受短期价格变动的影响。中国的经济放缓可能是短暂的——如果刺激措施在第四季度落实到位。但力拓不能自满，其52亿美元的半年度基础利润中，90%来自铁矿石；它比业内同行更易受铁矿石价格影响。

The near one-fifth drop in earnings before interest, tax, depreciation and amortisation to $8bn reported on Tuesday was almost entirely caused by the fall in iron ore. Contracts are at different prices and durations but, assuming steady fixed costs and other things being equal, a further one-third fall in the first-half average price of about $138 a tonne would roughly halve Rio’s ebitda to $4.2bn.

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