The oversupply is also putting enormous pressure on higher cost producers like BC Iron Limited ( ASX: BCI ) and Mount Gibson Iron Limited ( ASX: MGX ). The combined effects of a slowdown in China's economic growth and increased supply has certainly left the market wary of a global oversupply and depressed prices over the long term. Although shares in each of the miners are trading at considerable discounts compared to the beginning of the year, the sector certainly hasn't earned my vote of confidence. 3 better bets than the Big Australian BHP's shares have dropped 4.6% since the beginning of 2013 compared to the S&P/ASX 200 Index's (Index: ^AXJO) (ASX: XJO) 2.1% rise. While I like the company's future prospects, I still don't think now is a good time to be pressing the "Buy" button.