SYDNEY, AAP – Iron ore mining stocks have been dumped in great numbers, pulling the ASX to its steepest loss of the week.
Iron ore specialist Fortescue Metals lost more than 11 per cent after the price of the steel-making material fell as low as $US107 per tonne.
Rio Tinto lost more than four per cent, and BHP shed more than three per cent.
Chinese steel mills have ordered less ore after earlier this year pushing the price to more than $US200 per tonne.
Elsewhere on the Australian market, shares in energy and utilities had notable falls.
The benchmark S&P/ASX200 index closed lower by 56.5 points, or 0.76 per cent, to 7403.7.
The All Ordinaries closed down by 56.9 points, or 0.73 per cent, to 7702.9
The Australian dollar was buying 73.06 US cents at 1618 AEST, lower than 73.20 US cents at Thursday’s close.