Australia’s ASX 200 materials index set an unwelcome record today.
It closed at the lowest level seen since May 26, 2005.
It’s all because of a continuing rout across the commodities complex, particularly iron ore and crude oil which have both fallen to multi-year lows.
Year to date the index has fallen 23.6%, with the decline from the index’s all time peak of 17,334.8 set on May 19, 2008 now standing at 61.5%.
BHP Billiton and Rio Tinto, the two largest constituents in the index, finished Tuesday’s session down 5.2% and 4.3% respectively.
Shares in BHP closed at the lowest level since July 2005 while those for Rio slid to levels last seen in April 2009.