“China is implementing structural reforms that will incur some...

“China is implementing structural reforms that will incur some temporary pain but reap long term benefits. It would be more concerning if the government dragged the chain on reforms. We expect China to post healthy annual growth of 7.5 per cent,” Mr Miller said.

Resources giant BHP Billiton lost 3.6 per cent to $36.44 as coking coal prices rose but crude oil and iron ore prices fell over the week. The spot price of iron ore, landed in China, dropped to $US131 per tonne.

Iron ore focused rival Rio Tinto fell 7.1 per cent to $63.65, while the nation’s third biggest iron ore miner Fortescue Metals Group shed 11.1 per cent to $5.20. Junior iron ore miners were among the biggest losers with heavy falls from Atlas Iron, BC Iron, Mount Gibson and Arrium.

Embattled mining services contractor Forge Group was one of the most volatile stocks before it entered a trading halt on Friday, ahead of a market announcement. The stock was last priced at $1.25.



Read more: http://www.smh.com.au/business/markets/black-week-for-miners-weighs-on-market-20140110-30kzl.html#ixzz2pyPpFIxy