WEEKLY: China's coking coal market corrects further as demand bites

China's coking coal market extended its downward corrections this week, as subdued demand kept stalling trading activity and weighing on prices. The uncertainties in the downstream steel market, domestic coking coal production and Mongolian coal shipments still clouded the near-term market outlook.

The market ended this week on a bearish note, with miners at China's major coking coal-producing hubs further cutting prices to facilitate liquidity. Sources noted that domestic coke producers remained cautious about feed coal procurement amid market chatters that major steelmakers could initiate two rounds of coke price cuts