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Coking coal prices decrease to lowest level

Chinese coking coal futures slumped more than 3 percent as their losses rose as steelmaking input supplies could rise if Beijing lifts trade sanctions against Australia.

Coking coal prices decrease to lowest level

Australian Foreign Minister Penny Wong discussed China to lift trade sanctions during her visit to Beijing this week, aimed at mending strained diplomatic ties.

China, the largest steelmaker, has taken measures to restrict or ban shipments of many Australian commodities, including coal.

The top-traded May coking coal on China's Dalian Commodity Exchange DJMcv1 closed daytime trading at 1,841.50 yuan ($263.79), falling 3.5%. It previously hit 1,822 yuan, the lowest level since 8 December.

Coke DCJcv1, the processed form of coking coal, or metallurgical coal, decreased 4.1% to 2,652 yuan per tonne after hitting its lowest level since November 24 at 2,636 yuan.

Concerns over rising COVID-19 infections in China put pressure on raw material prices and steel benchmarks.

On the Shanghai Futures Exchange, rebar SRBcv1 fell 0.7%, hot rolled coil SHHCcv1 fell 0.6%, wire rod SWRcv1 0.4% and stainless steel SHSScv1 decreased 3.1%.

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