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China PCI coal prices under downward pressure

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Publish time: 5th March, 2015      Source: www.cnchemicals.com
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China’s PCI coal prices were facing downside risk in most production areas, as steel mills continued to press down prices to lower cost amid weak sales, sources said.One Yangquan-based producer lowered prices by 30 yuan/t, with PCI coal with 0.8% sulphur down to as low as 595 yuan/t with VAT, free-on-rail basis, one local source said.For the near-term market, PCI coal prices nationwide are likely to slide 30 yuan/t, as several large steel mills have asked for a price cut, citing too high sulphur content in PCI coal produced in Yangquan.Though keeping prices temporarily steady at 580 yuan/t ex-works for PCI coal with 0.4% sulphur, one Changzhi-based producer expressed worries about future declines amid bearish sentiment." PCI coal prices kept steady from February at 770 yuan/t free-on-rail, but strong price cut request from steel mills may lead to new adjustments soon," said a Henan-based producer.