Steel is now cheaper than cabbage in China, as weak demand and over-production continues to undermine the end market for Australian iron ore and coking coal.

Despite a water content of more than 90 per cent, respected commodity price index publisher Platts revealed that cabbages were pricier by the tonne than the most popular type of steel, known as hot rolled coil steel, which is used to make industrial pipes and some vehicles.

Many pundits have predicted that an agriculture boom will gradually take the place of the fading resources boom. Credit:Qilai Shen

In a note on steel prices this week, Platts noted that when measured by the ton, the wholesale price of white round cabbage in Shanghai was about 6 per cent more expensive than a tonne of hot rolled coil.

The comparison was even starker at retail level, with Platts noting that the average retail price of cabbage across 36 Chinese cities was 61 per cent more expensive that wholesale cabbages, making it more than 70 per cent more expensive than steel.