China’s coking coal prices plunged to their two-month low on Thursday after the government announced further measures to curb surging prices. Coking coal futures for January delivery on the Dalian Commodity Exchange fell 12% to CNY2,503 ($391.20) per ton, the lowest level since September 1. Coke futures also dropped 12% yesterday, hitting their trading limit.
China’s National Development and Reform Commission (NDRC) held talks with major domestic miners and industry associations on Wednesday to discuss steps to guide prices back to a “reasonable range”, including by setting price levels. Meanwhile, coking coal supplies remained tight as pandemic-related restrictions continued dampening imports from countries like Mongolia, analysts said.
