From ANZ:
Bulks declined (particularly coal) on weaker Chinese import data and rumours the PBOC issued a regulation over the weekend that commercial banks should suspend new loans to ten overcapacity (but key bulk demand) industries, including steel, cement and coal. Despite lower prices, it appears the strong arbitrage import activity in April and May was not apparent in June, with coking coal imports down 28% m/m and thermal coal imports down 20% m/m in June. This confirms the subdued market conditions for current coal demand and also indicates that domestic supplies and stockpiles are more than ample.