The Australian market fell this morning as the price of iron ore slipped below $US80 a tonne.
S&P/ASX 200 lost almost half of one percentage point soon after the market opened following the 1.22% loss yesterday.
Resources stocks, which rely on iron ore prices for top line revenue, weighed on the market.
BHP was trading at $34.40, down another 1.32% after it lost 1.74% yesterday.
Rio Tinto was at 59.610, down 0.73%, and Fortescue lost 1.54% to $3.525.
The S&P/ASX 200 later recovered all the morning’s lost ground, and a little from the previous day, to be up 0.27% at 5,377.30.
Good news for local investors came in the form of positive manufacturing numbers form China, indicating continuing demand for Australia’s miners.
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