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ASX closes lower as iron ore price dip weighs down majors

Falling iron ore prices led to major mining companies BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue (ASX:FMG) to close Monday 8 July 2024 lower on a day which saw the S&P/ASX200 drop 59.10 points.

The S&P/ASX200 closed 0.76% down to 7,763.20, crossing below its 20-day moving average.

According to Trading Economics, as of 5.30pm AEST today iron ore prices were down 1.55% to $111.31.

Analysts note recent moves in Beijing to boost its real estate market by lowering mortgage rates and easing down payments, which could increase steel demand for housing construction.

Chinese officials are reportedly expected to tackle plans on deepening reform and advancing modernisation with investors seeking further policy support for the property sector, Trading Economics reports.

The bottom performing stocks in the S&P/ASX200 index were Arcadium Lithium (ASX:LTM) and Strike Energy (ASX:STX), down 4.46% and 4.35% respectively.

The index is virtually unchanged over the past five days but it is currently 1.86% below its 52-week high.

Write to Adam Orlando at Mining.com.au

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.