Australian shares fell on Monday to hit their lowest level in nearly a year, weighed down by losses in heavyweight commodity and financial stocks, while investors awaited local inflation data due on Wednesday for interest rate clues.

The S&P/ASX 200 index declined 0.7% to 6,855.7 by 1152 GMT, hitting its lowest level since Nov. 04, 2022, with traders also closely monitoring the developments in the Middle East conflict.

Sentiment was also dented by last week’s China data that showed its crude steel output fell 5% in September from August in a surprise to the market.

Mining stocks led the decline on the benchmark index, falling 1.7% to their lowest level since Oct. 6. BHP Group and Rio Tinto slid more than 2% each.

Energy stocks slumped 1.3% and were on track for their worst day since Oct. 3. Shares of Woodside Energy and Santos fell more than 1% each.

Financial stocks retreated 0.4%, with the “big four” banks sliding between 0.4% and 0.8%.

Technology stocks fell 0.4% in what could be their fourth consecutive session of declines and hit their lowest level since May 18.

Among individual stocks, South 32 fell as much as 3.6% to hit its lowest level since Sept. 28 after it posted an 18% drop in its first-quarter metallurgical coal output.

Miners drag Australian shares lower

Treasury Wine Estates said it was well placed to rebuild its business in China, should tariffs by China of the country’s wine be removed, sending its shares up as much as 5.3%.

Shares of Calidus Resources rose as much as 27% after the company said Chilean lithium miner SQM would buy a 30% stake in a Pilbara lithium project from its joint venture partner Haoma Mining.

Markets in New Zealand were closed for a public holiday.