ASX Round-Up: Mining Stocks Down on Falling Iron Ore Prices

Today, the Australian Securities Exchange (ASX) rose 0.17 percent, or 9.3 points, to 5,458.1 points, according to The Sydney Morning Herald. Over the course of the week, however, the exchange lost 1.4 percent, partially because major miners were pressured by falling iron ore prices. As a result, none of Friday’s top gainers on the ASX were in the resources sector.

“It is worrying that the global iron ore market is moving into a state of surplus,” Auscap Asset Management’s Tim Carleton told the news outlet. “The fall in prices is likely to be bigger than the market expects and outweigh the benefit to local suppliers of increased volumes.”

Uranium miner Paladin Energy (ASX:PDN) lost 5.56 percent, or $0.02, to trade at $0.425 today, making it the day’s biggest loser. Meanwhile, Australian gold miner Evolution Mining (ASX:CAH) dropped 4.71 percent, or $0.04, to trade at $0.810.