Dazman/E+ via Getty Images Rio Tinto (NYSE:RIO) -2.7% in Tuesday’s trading as Barclays downgraded shares to Underweight from Equal Weight, driven by the firm’s bearish view on iron ore and Rio’s (RIO) condition as the most leveraged stock to iron ore prices in its coverage. Chinese steel production should decline in this year’s H2, says Barclays analyst Amos Fletcher, with a 3% Y/Y decline likely in 2023, as Chinese steel prices are seen falling in the absence of cuts due to sluggish real estate demand and seasonally elevated steel inventories.