It is not a good time to be in iron ore right now with benchmark fines falling US$9.44/t overnight to US$107.21/t on the back of Chinese steel production restrictions and the feared collapse of property giant Evergrande.

It gets worse with Rio Tinto and Brazil’s Vale both planning to ramp up output while China moves to increase the reuse of scrap steel.

But as it is usually the case in the resources sector, other commodities have been packing on the gains.

Uranium prices have seen significant growth in the past week though the jury is still out on whether this gain is sustainable or fuelled by hedge funds such as the Sprott Physical Uranium Trust.

Likewise, lithium has seen some big gains after Pilbara Minerals sold a cargo of 5.5% lithium spodumene concentrate for US$2,240/t, a 550% year-on-year increase.

To top it off, that price was secured for the low-grade stuff, not the more valuable 6% lithium concentrate.

The benchmark ASX200 is currently down 0.27% to 7,386.7 points.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for September 10 – September 17 [intraday]:

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Metal Hawk (ASX:MHK) +251%

It’s early days for explorer Metal Hawk but hitting massive nickel sulphide mineralisation on its first try at the Commodore prospect near Kalgoorlie has proved rewarding for the company.

It noted that the greenfields discovery, for which assay results are not available yet, has mineralisation consistent with high-grade Kambalda style komatiite-hosted massive nickel sulphide deposits.

Not bad for a project that has never been tested for nickel.

A-Cap Energy (ASX:ACB) +101%

With its shares gaining on the back of no news, A-Cap Energy is the poster child for the uranium halo effect.

The company holds the Letlhakane uranium project in Botswana, but has cutting back expenses there to focus on its Wilconi copper-nickel project.

Toro Energy (ASX:TOE) +100%

Snapping at its heels is Toro, which at least has the excuse of releasing information on the first phase of the re-engineering study for its Lake Maitland uranium and vanadium deposit.

Vanadium resources are currently being integrated into the uranium resource block model for optimisation.

Lake Maitland is part of the company’s Wiluna uranium project in Western Australia, which has already received environmental approvals.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for September 10 – September 17 [intraday]:

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