As of 1pm today the ASX has been unable to follow the rise in US markets, and is down 17.3 points at 5,502.
Australian resource stocks are collectively under the most pressure once again after marginal weakness in Iron Ore prices overnight gave way to another 1.85% fall in on the Dalian Futures Exchange.
Four of the top five losers were are those associated with the iron ore price. Lynas, the big mover today with a fall of 16.47%, announced the closure of a capital raising so its fall seems company-specific.
It seems with iron ore prices still yet to find bottom, traders and investors are running from local miners.
While diversified miners like BHP and Rio Tinto are only down 0.85% and 1.21% respectively, miners like Fortescue are now at risk of breaking their previous bottom with today’s 3.08% fall. Atlas Iron is under even more pressure from the sellers with its share price already below the recent low and is down another 3.19% today.
The ongoing iron ore price crash is bad news for Australia’s national accounts and is a recipe for more weakness on both the ASX and for the miners.
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