DAILY: China's spot coking coal market stays resilient, futures slump

China's spot coking coal market showed resilience on May 12, with prices for some grades edging higher. However, futures prices tumbled during the session, as market concerns over near-term risks deepened amid weak fundamentals.

On Tuesday, Mysteel assessed China's national composite coking coal price at Yuan 1,363.6/tonne ($200.7/t) including the 13% VAT, up another Yuan 2.5/t from the previous session. Among the 202,500 tonnes of coking coal cargoes lifted for online auctions yesterday, 192,500 tonnes were sold successfully, marking a still-low failure rate of