The global miner sector and related exchange traded funds were among the worst performing areas of the market Monday as huge sell-off in Glencore (LSE: GLEN.L) fueled fears that the commodities rout is cutting deep into the mining industry.

Glencore shares plunged 30% to near an all-time low Monday on concerns that the company was not doing enough to cut down debt in light of the prolonged sell-off in the global metals market, Reuters reports.

“If major commodity prices remain at current levels, our analysis implies that, in the absence of substantial restructuring, nearly all the equity value of both Glencore and Anglo American could evaporate,” according analysts at Investec.

The iShares MSCI United Kingdom ETF’s (NYSEArca: EWU), which includes a 0.7% position in Glencore, 0.5% in Anglo American and a 6.0% tilt toward the materials sector, fell 2.7% Monday.

Additionally, pressuring commodities and the producers sector, China’s economy, the second largest in the world, is expected to weaken and drag on the market.

The pessimism over Glencore’s uncertain outlook is also seeping into the broader miners market as the commodities rout continues to weigh on the sector.

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