WEEKLY: China wash-plants' met coal stocks drop to 5-month low

Total stocks of processed coking coal held by the 110 independent and affiliated Chinese wash plants under Mysteel's regular survey declined for a second straight week by a hefty 221,200 tonnes or 10.3% on week to about 1.92 million tonnes during March 26-April 1, according to the latest survey findings. This was also a new low since November last year.

The pace of destocking accelerated from the previous week, reflecting rising restocking interest from coke producers and steelmakers, many of whom have begun ramping up production to meet ongoing spring demand and to enjoy improved profits, survey respondents noted. In parallel, the market outlook for metallurgical coke has turned slightly