Iron ore miners took a hit today as China continues to issue renewed lockdowns to address the growing Omicron outbreak in the region, sparking fresh concerns over declining demand for iron ore in China. Champion Iron plunged almost 9%, FMG shares fell more than 6%, and BHP shed 5.46%.
A selection of companies also released March quarter trading updates today including Vulcan Steel which upgraded its profit guidance by 25% and Beach Energy which reported its lowest quarterly production since 2018.
All sectors finished Tuesday?s session in negative territory, led by metals and mining stocks tumbling more than 5%.