DAILY: Futures rally sparks speculative coking coal buys in China

Speculative purchases in China's spot coking coal market brisked up on January 7, mainly driven by growing confidence among traders after Dalian's coking coal futures hit the limit up in daytime trading, though this didn't alter the overall spot market trend where price cuts still outnumbered price rises.

Mysteel's assessment of the national composite coking coal price settled at Yuan 1,247.1/tonne ($178.2/t) including the 13% VAT on Wednesday, shedding a smaller Yuan 2.5/t compared with the previous day. On Wednesday, approximately 492,700 tonnes of spot coking coal were successfully sold in the auction market, surging by 174% from