DAILY: China's spot coking coal remains soft despite futures rally

Despite noticeable rallies in futures, China's spot coking coal prices continued to edge lower on January 29 and are expected to stay rangebound in the near term as downstream purchases gradually die down.

On Thursday, Mysteel's assessment of the national composite coking coal price sat at Yuan 1,291.8/tonne ($185.9/t) including the 13% VAT, shedding another Yuan 2.6/t from the previous day. The derivatives market of ferrous commodities in China embraced robust recoveries yesterday, with the most-traded coking coal contract for May delivery on