•Benchmark iron ore prices tumbled today amid renewed doubts about Chinese economic stimulus, while coking coal prices plunged on oversupply and government imposed import restrictions.
•Dalian iron ore futures fell 4.6% at 638 yuan (slightly below $90/mt) and Shanghai rebar – the world's most traded steel contract – lost more than 3%.
•The Australian export price of metallurgical coal sank 7% to $122.50/mt, nearly $70 lower than at the start of the year.
•Chinese iron ore imports are on path to reach a new record in 2019, with annualized shipments running at 1.12B metric tons, despite the drop in production following January's deadly tailings dam burst in Brazil.
•The government's stricter import quotas and customs procedures were intended to shore up local coal miners but have had little impact so far.
•Meanwhile, China imported 220M mt of coal (steam and coking coal) during the first eight months of the year, compared to 280M mt for all of 2018.
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