•   
  •   

Australia Iron ore miners in freefall, ASX drops

06:50  17 september  2021
06:50  17 september  2021 Source:   aap.com.au

Miners drag ASX lower before RBA meeting

  Miners drag ASX lower before RBA meeting Mining giants were the biggest drag on the ASX and most categories were lower before a Reserve Bank meeting.The big three miners were down by between one and three per cent on Tuesday after the iron ore price fell overnight to about $US132 per tonne.

Big losses for iron ore miners have been producing what may become the worst day of the week for the Australian share market.

a person standing in front of a building: Heavy falls for iron ore miners have been a feature of broad-based losses on the ASX. © Joel Carrett/AAP PHOTOS Heavy falls for iron ore miners have been a feature of broad-based losses on the ASX.

Iron ore specialist Fortescue Metals slumped by almost 10 per cent, while BHP and Rio Tinto sagged by more than three per cent after the price of the steel-making commodity fell as low as $US107 per tonne.

Chinese steel mills have made fewer orders, after earlier this year pushing the price to more than $US200 per tonne.

The Australian market was down by 0.89 per cent at 1200 AEST and most share categories were lower.

WA Budget reveals $5.6 billion surplus but no border reopening date, delays to infrastructure

  WA Budget reveals $5.6 billion surplus but no border reopening date, delays to infrastructure Mark McGowan says he's delivered a long-term budget plan for WA with a $5.6 billion surplus. But there is no word on when state borders will reopen, and infrastructure projects have been delayed.The state was expected to stay in the black over the coming years, with a $2.8 billion surplus expected this financial year.

Energy providers had the most sizeable falls after materials shares. Beach, Oil Search and Santos lost more than one per cent.

US markets provided a mostly negative lead as rising US Treasury yields pressured big tech stocks, and a rising US dollar weighed on exporters.

Unexpectedly strong US retail sales data underscored the strength of the economic recovery from the coronavirus.

The Dow Jones and S&P 500 slipped while the Nasdaq had an almost equally minor gain.

In Australia, the benchmark S&P/ASX200 index was lower by 67.1 points, or 0.89 per cent, to 7393.1.

The All Ordinaries was down by 70.8 points, or 0.91 per cent, to 7689.


Video: Markets 'focused' on the reopening of Australia (Sky News Australia)

Shares in financial software vendor Iress crashed by 11.23 per cent to $12.01 after a potential takeover was scrapped.

WA Budget reveals $5.6 billion surplus but no border reopening date, delays to infrastructure

  WA Budget reveals $5.6 billion surplus but no border reopening date, delays to infrastructure Mark McGowan says he's delivered a long-term budget plan for WA with a $5.6 billion surplus. But there is no word on when state borders will reopen, and infrastructure projects have been delayed.The state was expected to stay in the black over the coming years, with a $2.8 billion surplus expected this financial year.

EQT Funds Management proposed buying all shares for about $15.91 but decided not to proceed.

EQT chair of Asia Pacific Thomas Von Koch said there were no red flags but the investment hypothesis could not be confirmed.

The big four banks were all lower. NAB had the greatest loss, 1.22 per cent, and last traded for $27.85.

Technology was the best performing category and higher by almost one per cent.

Afterpay was having its best day on the market since August 10. Shares were up 2.91 per cent to $127.14.

Air New Zealand borrowed more money from the government as lockdowns continue to weigh on its finances.

The carrier said it has borrowed a total of $NZ435 million ($A422 million) from the government.

The national lockdown and suspension of quarantine-free travel between Australia and New Zealand is costing the airline at least $NZ65 million ($A63 million) per month.

Shares were down 1.33 per cent to $1.48.

Engineering group CIMIC will reap $265 million by providing Western Sydney Airport with pavement.

The company's subsidiary, CPB Contractors, won a contract for the project by partnering with Acciona.

Shares were lower by 1.52 per cent to $20.07.

The Australian dollar was buying 72.83 US cents at 1200 AEST, lower than 73.20 US cents at Thursday's close.

Coking coal price hits record highs as Chinese steel-makers face pain .
Metallurgical coal for steel-making has hit a new price record, with trade bans and supply interruptions hampering China's mills.Coal for coking purposes has soared despite declines in iron ore values attributed to Chinese steel-makers abiding by a government directive to avoid buying from Australia.

usr: 5
This is interesting!