Historically, crude oil and iron ore prices are strongly correlated, which is unsurprising given they are both commodities tied to the state of the global economy. But in recent weeks the link has largely been severed.
The Australian government's plans to cap the price of natural gas and thermal coal for domestic consumers has provoked the predictable howls of protest from the industry and warnings of dire consequences.
Inner Mongolia Autonomous Region, China's leading coal production base, has kicked its production into high gear to meet heating needs as cold waves send temperatures plunging in the country.