The major global iron-ore producers— BHP Group Vale and Rio Tinto —look appealing after the recent sharp declines in their stock prices because they are now discounting lower commodity prices. The stocks are discounting an iron-ore price of $86.37 a metric ton, against the current spot price of $107 a ton, Chris LaFemina, a Jefferies analyst, says in a note titled “What Iron Price is Priced In.” “If the reality in China is a soft landing in which the government manages the Evergrande collapse without causing contagion, these shares are undervalued and would likely outperform,” he wrote.