Total processed coking coal production at the 110 Chinese wash plants under Mysteel's regular survey dropped for the second week by another 34,800 tonnes/day or 5.7% on week to 577,900 t/d on average over January 19-25, while their finished product inventories mounted by 208,000 tonnes on week to 1.88 million tonnes. The steelmakers' slowing buying activities over the period were blamed. The surveyed plants include independent washeries and those affiliated with coal mines and steel mills.
Coking coal buying interest among steelmakers has turned dull as most mills have already completed replenishment for maintaining production during the Chinese New Year holidays that begin on January 31, Mysteel Global noted.
Other than the slow-down in sales and the looming holiday celebrations, the limited availability of raw coal supply