The Rio Tinto Limited (ASX: RIO) share price is having a tough run this morning.
Rio Tinto shares are down 4.63% and currently fetching $114.01. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 1.93% in the red today.
Let's take a look at what is going on with the Rio Tinto share price.
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Iron ore price falls
Rio Tinto is not the only ASX iron ore share descending today. BHP Group Ltd (ASX: BHP) shares are sliding 3.95%, while Fortescue Metals Group Limited (ASX: FMG) shares are down 3.59%.
A fall in the iron ore price and global market fears appear to be weighing on the Rio Tinto share price today.
The iron ore price dropped amid news out of China that it would be cutting steel output. Iron ore is the major ingredient used to make steel.
China, the largest producer in the world of steel, will slash annual crude steel production in 2023, according to a report in Bloomberg.
An unnamed source told the publication China's government will also "ban new steelmaking capacity".
The iron ore price fell nearly 2% to US$129.90 overnight.
Rio Tinto's listing on the New York Stock Exchange also fell 5% overnight to $65.87. Global markets struggled amid worrying news on Swiss bank Credit Suisse.
The bank's largest investor revealed it would not raise its stake beyond 10% due to regulatory issues, Reuters reported. Commenting on the market turmoil in global markets overnight, Commonwealth Financial Network chief investment officer Brad McMillan told the publication:
The question that is in everyone's mind is: are we headed for another financial crisis?
The S&P 500 Index (SP: .INX) dropped 0.7% in the US overnight, while the Dow Jones Industrial Average (DJX: .DJI) slid 0.87%.
Rio Tinto share price snapshot
The Rio Tinto share price has climbed 7% in the past year. In the last month, Rio Tinto shares have lost more than 7%.
Rio Tinto has a market capitalisation of about $44 billion based on the current share price.
