China will launch an investigation into beef imports, the commerce ministry said on Friday, as the world's biggest meat importer and consumer grapples with an oversupplied market that has sent domestic prices to multi-year lows.

Shares of JBS SA, the world’s biggest meat company, and other Brazilian beef producers slumped on the news that China is starting a probe into its imports of the meat, which have surged in recent years.

Imports have surged, with China representing a hugely important market for countries such as Brazil, Argentina and Australia.