Iron ore is down 34% this year over China fears, soft demand and surging supply. The copper market is equally exposed, but has so far defied fundamentals.
There’s a death match among iron ore producers, with the big Australian miners and Brazil's Vale increasing pressure on their high-cost Chinese rivals.
In a letter to China's ambassador to Australia, Clive Palmer expressed regret for "any insult to the Chinese people caused by any of the language" he used.