A session that started with so much promised ended yet again in disappointment, weighed down by steep falls in the miners. Enthusiasm towards the prospect for faster infrastructure investment in China fizzled as fast as it arrived, replaced by renewed concerns over commodity demand amidst fresh covid outbreaks. The materials sector slumped 2.8%, giving back some of the gains achieved late last week. The iron ore majors eased between 1.7% to 2.6%. BHP was hit hardest on fresh legal threats from the Samarco dam disaster. Novonix skidded 10.9% on a broker downgrade, leading the broader battery materials space lower. Prang of the day went to EML Payments with the troubled prepaid play tumbling 24.1% following the abrupt resignation of long-time CEO Tom Cregan. The S&P/ASX 200 finished at its lows, closing down 1.14%, or 75.8 points, to 6602.2.

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