Shares in producers fall after China's powerful central planning agency says country's "high steel demand period has passed" and inventories will stay high.
Spending committed by mining and energy companies to start or expand projects fell 14.6% to US$212bn at the end of April from $248bn a year earlier. That is a $36 billion drop.
More bad news for the uranium market this week did not deter bargain hunters from returning to the sector in a big way on Friday chasing up shares across the board.