The Rio Tinto Limited (ASX: RIO) share price dived 11% last month despite the company keeping a relatively quiet profile.
In contrast, the S&P/ASX 200 Resources (ASX: XJR) sector also tracked a disappointing finish, down 12% in June.
Let’s take a look below at what happened to the mining giant’s shares over the course of June.
What happened to Rio Tinto shares last month?
The Rio Tinto share price headed south last month following weak investor sentiment amid selling pressure on iron ore prices.
External factors such as news surrounding China’s ploy to secure cheap iron ore through a domestic centralised buyer caused concern.
This led the steel marking ingredient price to deteriorate from US$145 to roughly US$130 at the end of June.
When the news broke out, Rio Tinto shares fell almost 10% from 15 June until 20 June.
In addition, investors feared that a global economic downturn sparked by monetary tightening from major central banks would dampen iron ore demand.
A couple of brokers weighed in on Rio Tinto shares following the turmoil across global markets.
As reported by ANZ Share Investing, RBC Capital Market cut its price target by 12% to $97 for the mining outfit’s shares.
Based on the current share price of $100.52, this represents a downside of about 3.5%.
On the other hand, Jefferies lifted its rating by 1.1% but still had a more bearish tone of $93 for Rio Tinto shares.
Rio Tinto share price snapshot
Since the beginning of 2022, the Rio Tinto share price has moved in circles to register nil gains for the period.
Although, when looking at the past 12 months, its shares are down 20%.