Chinese steelmaker Baowu has warned of a “long and harsh winter” ahead for the steel industry putting Australian iron ore miners on notice and sending the price of Australia’s No.1 export tumbling for the sixth time in seven days.

BHP and Fortescue shares fell to the lowest level since November 2022 while shares in Mineral Resources slumped to a 25-month low. The oversupply of Chinese steel has prompted Indian steelmakers to accuse China of exporting at “predatory prices”.