Hebei large miners cut low-sulphur coking coal prices by 30 yuan/t

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Publish time: 26th October, 2015      Source: www.cnchemicals.com
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Large miners in Handan, northern China’s Hebei province cut prices of low-sulphur coking coal and fat coal by 30 yuan/t, starting from October 22, with delivered price to adjacent buyers falling below 600 yuan/t, sources told the China Coal Resource.Some end users predicted further price cut in November; some miners also estimated a 20-30 yuan/t drop before the end-2015, at least, as miners especially state-owned miners may slow down output cut to meet annual target.Tangshan-based Jiahua Coal Chemical Co., one large coke producer, has announced to stop production and dismiss employees recently, due to capital crunch. The shutdown of the 3.3-million-tonne independent coke producer indicated that the tough situation facing the coking sector and the closure of lossmaking capacity would be an overwhelming trend.Downstream steel mills and coke plants continued to put off payment while keeping need-based purchase to reduce fund pressure. Analysts said the upturn seen in coal prices during winter over the past 7-8 years would be hard to emerge this year.