Miners have been on the up and up since the sector bottomed in early 2016, with ‘big five' miners BHP, Rio Tinto, Glencore, Anglo American and Vale all in much stronger positions now after repairing their balance sheets.
"Thanks to healthy demand and relatively low growth in supply, global mining companies continue to enjoy a rally in commodity prices that has now lasted two years," S&P said.
"Given the industry's pronounced cyclicality, it's likely that sooner or later prices will run out of steam - whether due to a policy change in China, an incipient trade war, or something else.
"Our ratings on the large global miners already anticipate some price cyclicality, but just how resilient would they be to a downturn?"
Given recent market volati...