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Iron ore prices down 20% as world catches China's cold

13 March 2014 Last updated at 03:02 GMT

There is a new saying: when China sneezes, the whole world catches a cold.

To some extent, that was true in the global commodity markets this week, which saw large sell-offs following poor Chinese economic data.

Iron ore for example, a key ingredient used in steel production, saw prices fall by 20% from an August high.

Phil Mercer reports from Sydney on the impact of plunging prices.