Iron ore price, page-48816

In short, China shot itself in the foot + Russia & Ukraine

When China banned the importation of high quality Australian coal overnight, they had to buy lower grade coal elsewhere, but in higher quantities to make up for the loss in energy production from burning lower grade coal (yay for the environment). The need to purchase more lower grade coal meant coal prices went up as suppliers were not setup to supply the sudden demand rush for that grade of coal.

Overtime that market dislocation has worked itself out by other countries buying Australias high grade coal and in turn China buying the lower grade coal those other countries used to consume... and that transition took sometime.

So the lower coal price is not reflective of the demand for Iron Ore, but these other significant factors.

Honestly though, China's stupidity just boggles the mind most times. Even in a nightmare/comedy show you couldn't make up the situations they often find themselves in due to their own making.