China’s raw materials producers are at the forefront of falling industrial profits.

Copper has dived below $8,000 a tonne and iron ore is trading south of $100.

Nippon Steel said in February it will spend around C$1.15 billion to buy a 10% stake in Elk Valley.

Weaker-than-expected construction, particularly in the property sector, has pushed iron ore below $100 a tonne.

Around 30 mills signed iron ore contracts though China Mineral Resources Group.

A weaker yuan added to the gloomy mood.

The destruction of the culturally significant site in Western Australia triggered the exit of Rio's CEO, chairman and two senior executives.

The investment bank says its forecasts for major rises in raw materials this year hadn’t panned out so far, but calls for a major rally.