ASX plunges as iron ore collapses

The value of the mineral - Australia’s top commodity export - has now shed almost 60 per cent since record highs in May,The price fell 4.9 per cent to $US101.30 at the weekend, according to the ANZ morning research report.The drop has huge implications for Australia’s finances.Although, increased demand for Australian coking coal has helped soften the blow somewhat.

It comes as one of China’s largest property developers China Evergrande Group - a voracious user of iron ore - edges to the brink of default on hundreds of billions of dollars of debt. The iron ore price plunge has also been blamed on China’s move to cut steel production in a bid to slow pollution., which one expert described as being in a “death spiral” recently.

Our political leaders in Australia talk big to try and show they are important, sort of like how blokes with small penises like big cars and doing burnouts. We are largely irrelevant on the world stage. China will punish us as an example to stop others talking back to them.

How do you like them apples WA, iron ore dropped 60% to $95US per tonne. The WA premier will be on the phone to Canberra want a bigger slice of the GST. Do you still want to go it alone WA.

WA *pop*. …. Mark mcgowan silently shuffles backwards

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