Ganqimaodu border crossing, China's largest inland road port for coal imports from Mongolia, imported 38.40 million tonnes of coal as of December 16, completing 96% of its target of 40 million tonnes, according to data released by the port's official WeChat account.

The port also imported 1.01 million tonnes of copper concentration powder, 100 tonnes of manganese ore, and exported 425,000 tonnes of cargo, bringing the total cargo-handling to 39.83 million tonnes during the same period.

From November 11-30, 588,800 tonnes of coal were auctioned for export on the Mongolian Stock Exchange, while only 300,800 tonnes or 51% were sold. During December 1-15, 793,600 tonnes of coal were auctioned on the exchange, of which 512,000 tonnes or 64.5% were settled, data showed.

High failure rate put pressure on Mongolian coal selling prices, with the starting prices of washed hard coking coal from Energy Resources LLC down by 50 yuan/t compared with the start of December.

Spot prices also extended decline. Mongolian 5# raw coal was offered at about 970 yuan/t, ex-stock Ganqimaodu with VAT, down from 1,040 yuan/t at the start of the month.

Offers of 3# washed coking coal were heard at around 1,100 yuan/t and washed 5# coking coal 1,240 yuan/t.