DAILY: China's spot coking coal edges lower as futures falter

Coking coal futures in China extended their decline on May 18, prompting end-users to grow more cautious in spot procurement and adding downward pressure to physical prices, Mysteel learned.

The most-traded September coking coal contract on the Dalian Commodity Exchange tumbled around 2% in the afternoon trading session on May 18, closing at 1,208.5/tonne ($177.8/t), hitting a four-week low. Weakening coking coal futures have led some end-users to anticipate further softening in spot prices. Many are now restricting their