At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is down 0.7% to 6,775.2 points.
Here’s what is happening on the market today:
Iron ore miners tumble
BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares are tumbling lower on Wednesday and are acting as a major drag on the ASX 200. The Fortescue share price is the worst performer in the group with a decline of over 6%. Investors have been selling their shares after the iron ore price pulled back. According to CommSec, the iron ore price fell by US$3.85 or 2.3% to US$164.65 a tonne after Chinese steel mill profitability weakened.