[Dow Jones] Australian miners suffered sharp falls Monday amid concerns about the outlook on iron ore and copper prices. BHP (BHP.AU), Rio Tinto (RIO.AU) and Fortescue (FMG.AU) fell between 4.1%-9.4%. Copper miner, OZ Minerals (OZL.AU) dived 7.9%. China's disappointing trade data over the weekend added to the sell-off triggered by Friday's tumble in iron ore and copper prices following a small default in China's corporate bond market. Steel rebar futures are down 4% and spot iron ore futures are 4.1% lower in Asian trading. Spot iron ore fell 2.3% on Friday and LME copper dived 3.8%. Along with the recent divergence between the Australian materials sector and the spot iron ore price, traders are also highlighting the divergence between iron ore and steel pries. "Steel prices are at the lowest point since 2009, and China's iron-ore inventory is at a record high," says IG chief market strategist, Chris Weston. "It's hard to see much upside potential for iron ore." China's iron-ore ports inventory hit a record 105 million tons last week
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