It is reported that Chinese steel manufacturers Wuhan Steel and Hunan Valin Xiangtan Steel have lately imported 0.3 million tonnes of prime coking coal due to relatively cheap prices and high quality.
The imported volume is the biggest of its kind in Central China.
Domestic leading steel mills are struggling to cut purchasing costs due to the deepening global financial crisis. And many of them are targeting overseas coal resources since domestic coal miners are capping their output which led to scarce availability and high prices.
As per report, the batch of coking coal was hauled by four carriers from Australia to Beilun port, Ningbo, where it was transshipped by domestic vessels to the two buyers.
Source: Steel Guru
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