One of the worst performers on the local market today has been the Atlas Iron Limited (ASX: AGO) share price.
In afternoon trade the iron ore producer's shares are down 14% to 1.8 cents.
What happened?
Prior to today Atlas Iron's shares had gained 40% in just one month thanks to the iron ore price storming higher.
But with warnings coming out of China that current iron ore and steel prices are unsustainable, it appears as though traders are taking profit on investments in Atlas Iron and iron ore peer Fortescue Metals Group Limited (ASX: FMG).
The shares of Fortescue Metals have also fallen sharply today and are down 4% to $5.52 at the time of writing.
The iron ore price for 62% fines last closed at US$76.68 a tonne according to Metal Bulletin. This is a rise of over 40% in just two months.
