West Australian iron ore companies suffered some of the biggest falls on the Australian Securities Exchange today after
Mount Gibson Iron admitted some of its customers had asked for its Mid West iron ore shipments to be delayed because of slowing demand yesterday.

The news from Australia’s fifth-biggest iron ore producer has been interpreted by jittery share market investors as further signs of an economic slowdown in China and a sharp decline in demand for raw materials.

That was reflected in the closing price of Mt Gibson, which fell 18.86 per cent, or 16.5 cents to 71 cents, while shares in Fortescue Metals Group closed at a low of $2.68, falling 62 cents from yesterday’s close.

Also lower was Northern Iron, down 10¢ or 38.89 per cent to $1.10, Gindalbie Metals, down 13 cents or 28.57 per cent to 32.5 cents and Murchison Metals, down 18 cents or 20.4 per cent to 70 cents.

But it wasn’t only iron stocks that were lower, with nickel company Western Areas down 84¢ or 18.22 per cent to $3.77, along with Albidon, down 14 cents or 20 per cent to 56¢ and Mirabela Nickel, down 46¢ or 19.74 per cent to $1.87.

Windimurra Vanadium was down 26.5 cents or 30.99 per cent to 59 cents, gold firm Resolute Mining was down 30.5 cents or 29.19 per cent to 74 cents and copper firm Equinox Minerals was down 41 cents or 16.8 per cent to $2.03.

But while uranium company Paladin Energy was down 47¢ or 18.65 per cent to $2.05 and associated firm Deep Yellow was down 3.5¢ or 23.3 per cent to 11.5 cents, fellow WA uranium company Summit Resources was up 13.5¢ or 8.65 per cent to $1.69.

Waste disposal firm Tox Free Solutions was also up 10 cents or 6.25 per cent to $1.70. – The West Australian