Doubly whammy of a surging USD (the weaker AUD softens the blow, but there is a significant inverse relationship even after that) the past 2 days and a weakening in steel / iron ore prices.
i'd attribute a lot of it to the USD though... a lower USD supports global consumption of resources and that really underpins a strong IO price... but that trend has changed a bit of late, especially the last 2 sessions and taddaa... resource stocks sold off... Globally.
Iron ore price, page-51305
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