Fresh production cuts in China's steel-heavy region of Tangshan in Hebei province worsened sentiment in the seaborne coking coal market on Monday June 24.
"Mills have been asked to follow the output restrictions guidelines according to the categories they have been classified under, so mills in Category A will have to slash output by 20% while the other mills will have to slash by at least 50%," a Chinese trading source said.He expects the mills to adhere closely to the government directive "because margins have narrowed so much that they have no incentive to produce more steel anyway."During the day, an offer for a cargo of lower-ranked premium hard coking coal, scheduled...