Analysts, however, see the fall in iron ore prices a lead indicator and expect steel prices to decline soon
Elon Musk led the declines as his world-leading net worth fell $7.2 billion to $198 billion; Jeff Bezos lost $5.6 billion.
McLeod Russel India, the country's largest tea producer, bubbles out of insolvency. Metal stocks crash over fears about China's Evergrande. More in top headlines of the day
Selling pressure persisted in early trade in Asia ahead of a major test for Evergrande this week, which is due to pay $83.5 million in interest relating to its March 2022 bond on Thursday
The resulting market turbulence may add pressure on Chinese leaders to tap the brakes on policy tightening, or at least take steps to limit the fallout
Chairman Hui Ka Yuan said Evergrande will deliver property projects as pledged, fulfil responsibilities to property buyers, investors, partners and financial institutions