Mining and energy stocks on the ASX are being hit hard as investors retreat from falling commodity prices.
A fall of more than 4% in the price of iron ore to below $US50 a tonne sent stocks with an association to the red ore on a slide.
Investors were also concerned about demand for metals from China where the Shanghai Composite Index is down again today, about 4%.
BHP, the world’s biggest miner, was down 2.37% to $25.53 and Rio Tinto was sold down more than 3% to $50.14.
The pure play iron ore miner Fortescue Metals (FMG) had lost 5.2% to $1.69. BC Iron was down a staggering 8.3% to $0.275 and Mount Gibson 4% to $0.19.
BHP spinoff S32 was down 3.3% to $1.75.
Among energy stocks, Woodside Petroleum had lost 2.57% to $33.75, Oil Search 1.7% to $6.88 and LNG 1.75% to $3.93.