ASX falls 0.8%: Materials falls as iron ore prices slump
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Update time : 2024-07-08 16:46:55
The Australian sharemarket, particularly impacted by a commodities sell-off, saw significant declines on Monday, with the S&P/ASX 200 dropping 0.8% to 7763.2 points. This downturn was led by a 1.8% fall in mining stocks, driven by a sharp decline in iron ore prices to $107.90 per tonne amidst concerns over Chinese demand and oversupply. Major miners like BHP, Fortescue, and Rio Tinto mirrored these losses. Meanwhile, Rex Minerals surged 56.4% to 43¢ following news of a buyout deal, contrasting with broader market trends.
