The S&P/ASX200 closed sharply lower Monday, dropping 156 points or 2.1% to 7,248, setting a new 20-day low. Iron ore, and I think the word here is rout - the rout continues - Champion Iron (CIA) down 12.5%, making the three majors Fortescue (FMG), Rio Tinto (RIO) and BHP Group (BHP) all down between 4.5% and 3.5%, look positively healthy in comparison. But they're not great and the math is simple: China's Evergrande's property pickle has compounded the state's broader curbs on industrial activity in the only iron ore market that matters. That's why Singapore iron ore futures hit a 12-month low of $US90 a tonne around lunchtime, shedding over 11%. Ausnet (AST) jumped 20% following a $9.6 billion takeover offer from Brookfield AM. But everyone else had their pants pulled down, in a strictly pecuniary sense.

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