Domestic market Prices were roughly stable in Yulin, Shaanxi; some miners in western Inner Mongolia cut coal prices by 20 yuan/t; some large miners in northern Shanxi adjusted down sales prices.
Some miners said the price may further decline with the increase of supply in the wake of production resumption at mines.
Mainstream offer prices for 5,500 Kcal/kg and 5,000 Kcal/kg NAR coal stood at 590-600 yuan/t and 530-535 yuan/t, FOB with VAT respectively.
Import market Indonesian 3,800 Kcal/kg NAR coal was offered steady at around $45/t FOB amid continuous supply tightness, while 4,700 Kcal/kg NAR coal of the same origin was offered at $59-60/t FOB.
Indonesian miners were optimistic about the price in April, but traders and end users predicted further declines.
Price cut spread at coking coal mines in Shanxi, and after a reduction of 50-70 yuan/t Liulin #4 premium primary coking coal was offered at 1,530-1,550 yuan/t ex-washplant with VAT.
One large miner in Hebei saw inventory pressure easing after making some price reduction. In Shandong, major miners were upholding prices, but may have to lower prices later to alleviate inventory and sales pressure.
One leading steel mill lowered coke purchase price by 50 yuan/t in Hebei, making a total drop of 150 yuan/t since early this month. Coke firms in Tangshan of Hebei also cut price of the steel-making material by 50 yuan/t to 1,660-1,710 yuan/t DDP with VAT for Grade II met coke.
The continual price decline had brought most coke producers into the red, but profit-making steel mills continued asking for price cut. Taking a wait-and-see attitude, most steel mills were still mainly destocking.
(Writing by Katherine Wu Editing by Harry Huo)
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