DAILY: China's met coal prices slip lower on lack of demand

Weakness in the Chinese metallurgical coal market persisted on March 12, leading coal prices to head lower. Mysteel's assessment of the national composite coking coal price came in at Yuan 1,076.6/tonne ($149.3/t) including the 13% VAT, down by another Yuan 4.4/t from the previous day.

Trading activity for the feed material hasn't embraced a solid recovery so far, in spite of small pickups driven by some coke producers' urgent purchases to supplement their low stocks in recent days. This was evidenced by a higher failure rate of 28.8% among the total Chinese coking coal offered