DCE coking coal futures soar as Shanxi vows to tackle safety violations

Coking coal futures on China's Dalian Commodity Exchange (DCE) soared again on June 1, after authorities of North China's Shanxi province pledged the day before to intensify crackdowns on mine safety violations, a move that reignited market concerns over the supply of this steelmaking material and fueled bullishness towards spot coal prices in the near term.

In Monday's morning trading session, the most-traded September coking coal contract on the DCE soared 7.2% to close at Yuan 1,378/tonne ($203.7/t), snapping the moderating trend seen late last week and marking the second-steepest rally, surpassed only by the 7.97% surge recorded the previous Monday. By the close of Monday's