China’s ban on Australian coal has rattled miners on the ASX and contributed to the market closing lower, as iron ore miners hope they avoid similar scrutiny.
The S&P/ASX200 benchmark index closed lower by 28.9 points, or 0.43 per cent, to 6631.3 on Tuesday following mixed results on Wall Street.
The All Ordinaries closed lower by 33.6 points, or 0.49 per cent, to 6866.7.
The materials sector, which includes miners, slumped 1.74 per cent after Chinese media reported power plants have been directed to stop taking Australian coal.
Iron ore miners also dipped on the market after Reuters reported China’s steel producers had called for a regulatory probe into skyrocketing prices.
The smaller energy sector had the greatest decline of 2.0 per cent.
The Aussie dollar was buying 75.15 US cents at 1625 AEDT, lower from 75.39 US cents at Monday’s close.