asx lost 95 points - retrace tomorrow, page-5

China and India still have to sell stuff to make money. Who too? Americia, Japan..etc ..The mining industry consists of a lot of producers selling a similar product. Usually they are price takers. But that situation will change when economies start turning down. Customers will just go elsewhere if they can't get the price they want.
Further there is a massive amount of overcapacity in a mine so rather than stop producing most mining companies accept lower prices.
Fundies have got it right, I reckon. Inflation, higher interest rates, higher cost of debt, reduced earnings....it is on the cards. That is why we have this 2% sell off today. Markets always predict most events apart from terrorist attacks well before they happen. All down hill from here I reckon.