Top three Aussie miners to shed $11 bln in market value as commodity rout accelerates

Rio Tinto and BHP are trading at a one-month low, while Fortescue is at a three-month low

Australia's big three miners were on track to lose more than $11.12 billion in combined market value on Monday at current levels, as a commodities selloff over easing China demand and fears of a global recession deepened, Qazet.az reports.

Rio Tinto's Australia-listed shares were set to shed nearly A$2 billion in value, BHP more than A$10 billion, and Fortescue Metals over A$4 billion.

Lower output from Chinese steel mills has hit demand for iron ore, while prices of commodities like copper and aluminium have slumped on worries that aggressive interest rate hikes by the U.S. Federal Reserve's and other central banks could tip the global economy into a recession.

The three Australian mining behemoths, so far this month, have already lost roughly A$30 billion of their combined market value, and are facing a third straight week of losses after hitting multi-week lows on Monday.