Also weighing on China’s coal consumption is the oversupply by local producers.

It has sought to reduce this by decreeing high quality standards to stop low-grade imports that cause pollution and imploring its large producers to cut their output.

More than half of China's mining firms either cut output or suspended operations completely in July with imports that month of 21.26Mt.

If the anything the currency devaluation has started an increase in exports, which reached 530,000t in August – up 29.3% on July.

Global macroeconomic trends have weakened further over the last several months and have resulted in lower estimates for growth in 2015, according to Joy Global.

“A slower than expected first half in the U.S., along with slowing growth in China are largely responsible for the revised outlook,” it said.

“The Eurozone has stayed resilient in the face of the Greek and Russian issues, with growth in the region tracking at 1.5% for 2015.

“Further decline in commodity prices and rebalancing in China will weigh on growth through the remainder of 2015. Slower economic activity will likely reduce commodity demand, straining market balances and keeping downward pressure on prices.”