RIO Rio Tinto Plc

LONDON—Share prices in U.K.-listed global miners were hit hard on Tuesday with commodities giant Glencore PLC leading the pack down on continued fears that China's economic slowdown would cause commodities prices to tumble further.

Shares in Swiss trader and producer Glencore fell to a new intraday low of 107 pence a share, down more than 9% on the day, making it the worst performer in the U.K.'s FTSE 100 index. U.K.-listed Anglo American PLC was the second-worst performer, falling 6.9%, while Anglo-Australian miners BHP Billiton Ltd. and Rio Tinto PLC ranked among the 10 biggest decliners, each down about 4.3%.

The 5% drop in the FTSE 350 mining index and 2.2% drop in the FTSE 100 index extended a pattern of market volatility since the U.S. Federal Reserve said on Thursday it wasn't raising interest rates this month. The Fed's decision sparked renewed fears over the sluggish pace of global growth and has left investors second-guessing when the first rate move will come.

Miners have been roiled by a long rout in commodities prices, with gold, copper and iron ore trading at multiyear lows in recent weeks.

Analysts at Credit Suisse on Tuesday slashed earnings estimates across the mining sector.

"Until China demand and emerging market currencies find a floor, it will remain challenging to put an absolute floor on commodity prices," Credit Suisse said in a note.

Credit-ratings firm Moody's Investors Service said on Tuesday that miners are likely be the hardest hit of any sector in Europe, the Middle East and Africa as a result of China's economic slowdown.

It estimates about 20%-30% of EMEA mining output, in terms of revenue, is exported to China both directly and indirectly, the highest of all sectors.

Glencore has been the worst performer of U.K.-listed miners this year as it seeks to reduce it heavy debt burden, among the largest in the industry, to safeguard its credit ratings. Glencore's shares are down more than 60% since the beginning of the year and are down more than three quarters since the company's London share listing in 2011.

Tommy Stubbington in London contributed to this article.

Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

September 22, 2015 07:55 ET (11:55 GMT)

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