Iron ore sinks below $130 for the first time in 148 trading days and coking coal breaks long-held industry rule of thumb and dips below the iron ore price.
China increased imports of iron ore 10% last year to 820m tonnes, but a bigger jump in stockpiles and a flood of new supply have pushed prices down 3% this year.
Despite a two year campaign aimed at cleaning the sector and removing all unlawful operations, China has admitted that its rare earth industry still suffers greatly from pollution, smuggling, and illegal mining.