China warns metals firms not to race back from virus

Billions wiped from mining sector as Chinese manufacturing activity contracts to a six-and-half year low.

The fresh legal action is part of an ongoing dispute between the parties over mining royalties in Western Australia.

A more than 4% jump on Friday erases week's losses and brings gains since July low to 28%.

With the only exception of gold, production numbers for most other commodities mined in the Central African nation are also expected to decline this year.

No commodity is more exposed to China and the iron ore price is up 20% from its 2015 low. Has the steelmaking raw material become a leading indicator?

Commodity investing legend says the Chinese market is on its way to "finding a good bottom."

Despite current adverse conditions, advisory firm Behre Dolbear is recommending mining stakeholders to focus on markets that have been able to ride the wave relatively well so far.

As prices for the company's four key "pillar" commodities —iron ore, metallurgical coal, copper and oil and gas — have all dropped to multi-year lows in the past 12 months.

We're not in 2008 – plotting global economic growth against commodity prices shows metals and mining sell-off is disconnected from realities on the ground.