Australian Stocks Took A Dive On Falling Iron Ore Prices

High diving in Havana, Cuba. Romina Amato/Red Bull via Getty Images

Resources stocks pulled the Australian market down today on fears of a slower property market in China and declining demand for steel.

The S&P ASX 200 was down 1.28% at close to 5409 despite a stronger Wall Street.

BHP was down 1.71% to $37.43, Fortescue 4.95% to $4.37, Rio Tinto 2.99% to $60.1 and Bluescope Steel down 5.3% to $5.66.

The price of iron ore nearing the $US100 a tonne mark, dropping about 25% since January.

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