High coal stocks at Sino-Mongolia border may spark fire sale

The rapid rise in stocks of Mongolian coal at the largest Sino-Mongolian border port of Ganqimaodu are seen threatening deeper falls in Mongolian coking coal prices in the Chinese market, the findings of Mysteel's latest survey show. Traders at the port will likely to be forced to sell their stocks in hand to make room for newly arrived coal trucks, the argument goes.

As of August 13, coal stockpiles at seven major bonded warehouses managed by China Customs at Ganqimaodu, located in North China's Inner Mongolia, had climbed to a one-month high of 3.51 million tonnes, marking a significant jump of 119.5% on year, according to Mysteel's survey results. This is threatening to