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China's coking coal futures surge on leaner supply, projected increase in demand

Chinese coking coal futures reached a two-month high of 1,281.50 yuan a ton before closing at 1,264.50 yuan a ton on Nov. 21, driven by leaner supply and a projected increase in consumption when production cuts are lifted after winter, Reuters reported.

Beijing-based CRU consultant Wang Di was quoted as saying there might be some disruption in supply from Australia, which is the biggest supplier of coking coal to China.

The country's overall coal imports dropped to 21.3 million tonnes in October from 27.1 million tonnes in September, amid efforts by Beijing to move away from the fossil fuel and toward cleaner energy sources to tackle air pollution.

As of Nov. 21, US$1 was equivalent to 6.63 Chinese yuan.