DAILY: China's coking coal market strengthens further on strong steel prices

Chinese coal miners widely lifted their prices on May 7, buoyed by the recent positive tone in the steel market. However, some market participants remained cautious on the outlook and preferred to wait for clearer direction, sources said.

On Thursday, Mysteel's assessment of China's national composite coking coal price mounted further to Yuan 1,351.6/tonne ($198.7/t) including the 13% VAT, with the daily gain widening to Yuan 4.5/t from the previous day's Yuan 0.8/t. The accelerated uptick was driven by widespread price adjustments among miners in major production areas.