Chinese Commodities in Sea of Red as Global Rout Spreads East
- Slump follows a market meltdown in the U.S. on inflation fears
- Chinese officials express concern over raw materials prices
This article is for subscribers only.
The global rout in commodities spread to China, with futures for iron ore to coal to soybeans tumbling, as markets were gripped by inflation fears and authorities in Beijing continued to try to jawbone prices lower.
Chinese exchanges saw some brutal declines, particularly in ferrous markets, with iron ore dropping as much as 7.6% and steel rebar falling 5.6%. Coking coal, used to make steel, plunged 7.5%, and soybeans slumped almost 3%.