Iron ore and steel prices falling, consistent with a slowdown or even recession in China. Much of China's growth has come in recent years from property development. That's ground to a halt. See Not So Grande for a piece on the collapse of Evergrande and its effect on the Chinese economy.
A quarter of China's domestic steel demand comes from construction. The government's crackdown on borrowing (Evergrande and others) plus tumbling home sales is clearly slowing the property sector. As in other economies, property is a leading indicator of the growth of the overall economy. Expect Chinese growth to slow further over the next few months.
