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Iron ore miners are among the worst performers on the Australian Stock Exchange on Thursday as the price of the steel making ingredient has shed one quarter of its value from highs hit earlier this year.
Iron ore futures for September delivery were down 1.4 per cent at Rmb503.5 per tonne ($73.05) on the Dalian Commodity Exchange this morning, having shed 2.3 per cent on Wednesday.
That brings declines for the September contract to 25.2 per cent from a late-February high, that put prices back at their highest level in years.
Worst of the lot on the ASX is Fortescue Metals, down 6.8 per cent. The company’s share price has closely mirrored the trajectory of its main product, and has shed 23.4 per cent since its February high, which was Fortescue’s highest level since late 2008.
Steelmaker Bluescope Steel is off 5.5 per cent, while Rio Tinto is down 3.9 per cent.
BHP Billiton, which has been had an eventful week in matters outside the iron ore price, was down 3.6 per cent.
Other resources stocks were having a tough time, with prices for base metals lower in London overnight.