DAILY: China's coking coal price decline accelerates, pressures build

The Chinese coking coal market witnessed more price corrections on May 20, as buying interest from downstream sectors cooled markedly from earlier levels. Market sources expect downward pressure for coal prices to gradually build in the near term.

On Wednesday, Mysteel assessed China's national composite coking coal price down another Yuan 2.3/tonne ($0.3/t) on day to Yuan 1,364.5/t including the 13% VAT. The daily decline widened from the Yuan 1/t drop recorded on Tuesday. More coking coal miners in China's major production hubs slashed their prices yesterday. In