WEEKLY: China coking coal price stable, pessimism grows

Mysteel’s price index for China’s domestic coking coal remained flat over the week at Yuan 1,205.3/t ($168.3/t) including the 13% VAT over August 26-30, but the softening in coking coal price is expected amid the bearish sentiment in the coke market and the latter’s price drop by Yuan 100/t over the period, according to market sources.

China’s coking coal prices will probably head downward with the mounting pressure from the continuing decline in merchant-grade coke price, they predicted. “Several leading steelmakers have announced to cut their merchant coke procurement price by another Yuan 100/t, and some coke plants have given in,” a market watcher from East China’s Shanghai said. As of