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BEIJING: Chinese coking coal futures fell nearly 4% on Monday, after steel mills sought lower prices for the ingredient for the second time this month, sending another bearish signal to the fragile ferrous market.

Steel mills in northern China’s Tangshan city planned to lower their purchase price of coke by between 50 yuan ($7.27)and 100 yuan a tonne from April 10, said analysts at consultancy Mysteel on Monday, following a reduction of 100 yuan in coke prices last week. The pricing proposal is expected to be followed by mills elsewhere, they said.

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