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.
Grins were on the faces of China National Petroleum executives this week as they celebrated a blockbuster 30-year deal for Russian gas. For some, however, those grins could soon turn to grimaces.