Shares in Fortescue Minerals Group fell 1.8 per cent to a seven-week low amid a negative mood in the iron ore market.
The iron ore spot price for 62 per cent iron content, including freight, delivered to Qingdao declined 4.1 per cent to $68.85 a tonne on Tuesday, according to ANZ data.
Sentiment weakened after Australia’s central bank said on Tuesday it expects a decline in the price of iron ore in the short-term as Chinese steel demand hits a ceiling and global supply continues to expand.
Rio Tinto, another major producer, was down about 0.9 per cent to A$66.30, its lowest point since late August.
The broader Australia’s S&P/ASX 200 was down 0.2 per cent.
Asian equities markets were mostly flat on Wednesday, failing to capture the momentum from another record close in New York.
The Dow Jones Industrial Average on Tuesday set a new settlement high of 22,370.80 with a gain of 0.2 per cent, as did the Nasdaq with a 0.1 per cent rise to 6,461.32.
In Japan the Topix index was down 0.1 per cent, a day after closing at its highest point in more than two years. Hong Kong’s Hang Seng added 0.3 per cent, while in mainland China the Shenzhen Composite gained 0.5 per cent and the Shanghai Composite rose 0.2 per cent. South Korea’s Kospi was flat.
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