DAILY: China's spot coking coal falls further despite futures rally

Despite firm gains in the futures market, China's spot coking coal prices witnessed further declines on December 1, as downstream coal buyers' thick caution still constrained spot coal liquidity. However, market players expect the pace of price falls to slow in the short term.

The national composite coking coal price under Mysteel's assessment slipped by another Yuan 4.5/tonne ($0.6/t) from the previous session to sit at Yuan 1,342.5/t including the 13% VAT on Monday. The derivatives market for all ferrous commodities embraced strong uplift yesterday, with the most-traded coking coal contract for next January