Iron ore prices plummeted in Chinese trading today on the back of disappointing economic data.
Futures contracts on China’s Dalian Commodity Exchange were over 4% lower, at Rmb446.5 ($67.30) per tonne.
It comes after official Chinese data released yesterday on retail growth, industrial production and fixed-asset investment missed expectations.
Shares in miner BHP Billiton, a major producer of iron ore, lost over 2% in Australia trading, making it likely the stock will fall in London once the trading session begins this morning.
Among the other names seen as heavily exposed to iron ore prices are London-listed Rio Tinto.
Iron ore prices have seen some weakness this year following a substantial climb in 2016.
Prices had already retreated by around 30% from a peak early in 2017.
Some of the recent price weakness has been induced by Chinese measures to cut down on pollution and plans to close steel-making facilities in certain provinces over the winter.
Iron ore is viewed as especially sensitive to any further deterioration in Chinese data over the coming months as the government continues its policies to reduce the economy’s dependence on credit.