DAILY: China's met coal slips further on graver fundamental imbalance

The graver fundamental imbalance kept sending the Chinese metallurgical coal market lower on May 28, with Mysteel's assessment of the national composite coking coal price registering Yuan 1,015/tonne ($141/t) including the 13% VAT, down by a larger Yuan 8.3/t from the previous session.

Persistent slack purchases by end-users have pushed coking coal stockpiles at domestic mines to new highs, suggesting an overwhelming downward pressure on coal prices in the near term, several sources told Mysteel. For instance, raw and washed coal stocks at the 523 Chinese coking coal mines under Mysteel's survey reached