WEEKLY: Weaker fundamentals send China's met coal prices lower

Fundamentals for China's metallurgical coal market worsened during November 4-8, with a clear slowdown in demand aggravating the supply surplus of the commodity. As of November 8, the national composite coking coal price under Mysteel's assessment had fallen by a large Yuan 36.1/tonne ($5.02/t) on week to reach Yuan 1,461.9/t including the 13% VAT.

Domestic coking coal prices have been heading lower since mid-October. Wavering steel prices and the uncertain steel market outlook have prompted coke manufacturers and steel mills to reduce their purchases of the feed material. Last week, participants were largely sitting on the sidelines and delaying procurement, waiting for any new