The S&P/ASX 200 index lost 0.7% to 5448 points, as the basic materials sector led another widespread retreat in the broader market.

The big miners were mostly in the red, with BHP Billiton down 0.7% to $A37.50 and Rio Tinto falling 1.5% to $60.79.

Fortescue Metals Group also lost ground, closing 3.9% lower at $4.85 as the price of iron ore (last trading at about $US105 a tonne) continued to weaken.

Iron ore pressures were also evident in Vale’s quarterly report today, which marked an earnings drop despite increased production and sales.

Other falls in the sector came from Western Desert Resources (down 10.2% to A44c) and Centrex Metals, which lost 12.5% to 10.5c on news a drilling program would be delayed for its Fusion project in South Australia.

Companies in the wider industry posting double-digit losses included Bannerman Resources, Vital Metals, Haoma Mining, Traka Resources, Vantage Goldfields, Kidman Resources and Elemental Minerals, which fell 10% to 18c after publishing its quarterly report with a revised two-pronged development strategy.

However, trading coincided with some positive sentiment for the resources industry, with data from the Australian Bureau of Statistics finding a 3.6% increase in the export price index, including a 4.5% increase for commodities.

Standout gains over the session came from Riedel Resources (up 50% to 1.5c), West African Resources (up 15% to 11.5c) and TNG (up 12.9% to 10.5c).

Galaxy Resources, meanwhile, rebounded from a 13.4% fall yesterday to pick up 13.8% to 6.6c with a quarterly report and a new direction after selling its Chinese lithium plant.

Companies requesting trading halts included Eagle Nickel, Poseidon Nickel, Golden Rim Resources, Aurora Minerals and Redstone Resources, which is expecting to release assay results from its Tollu copper-nickel project in Western Australia by Monday.