The sharemarket is trading lower, led down by the big miners on concerns over iron ore prices.
At 12.07pm AEDT, the benchmark S&P/ASX200 index was down 38.1 points, or 0.76 per cent, at 4949.3 points.
The broader All Ordinaries index was down 38.4 points, or 0.77 per cent, at 4966.0 points.
IG Markets market strategist Evan Lucas said the local bourse was being dragged back by iron ore miners.
"Overnight, in the US, (investment bank) Goldman Sachs actually downgraded their outlook on iron ore quite heavily," he said.
Goldman Sachs has forecast that iron ore prices would fall from $US139 a tonne in 2013 to $US80 a tonne in 2015.
Mr Lucas said Goldman Sachs had also downgraded the London listings of dual-listed BHP Billiton and Rio Tinto, sending those stocks lower in Britain.
"That has pushed through to us here today," he said.
Mr Lucas said there was concern that there would be increased use of scrap metal in China, which would lead to lower steel production.
In the resources sector at 12.01pm AEDT on the local bourse, BHP Billiton had fallen 96c, or 2.78 per cent, to $33.59 and Rio Tinto had fallen $1.91, or 3.26 per cent, to $56.75.
Fortescue Metals fell 17c, or 4.37 per cent, to $3.72. Atlas Iron fell 4.75c, or 3.85 per cent, to $1.1875.
Among other stocks, retailer David Jones was up 9.5c to $3.055 despite its first-half profit falling 14 per cent in challenging trading conditions.
Sydney Airport rose 2c to $3.18 after it reported a 2.2 per cent rise in passenger numbers in February.
On Wall Street overnight, the Dow Jones Industrial Average rose 0.03 per cent.
The March share price index futures contract was down 42 points at 4948 points, with 70,802 contracts traded.
National turnover was 903.8 million securities worth $1.86 billion.
