DAILY: China's coking coal futures slump, yet strength remains

Concerns emerged over China's spot coking coal market after coking coal futures logged deep losses on June 9. However, that retreat was widely seen as a fleeting sentiment swing triggered by unsettling news, and spot coking coal prices are still expected to maintain momentum as strict safety checks could keep domestic supply tight.

After tumbling 6% in Monday's night session, the most-traded September coking coal contract on the Dalian Commodity Exchange extended its losses during Tuesday's daytime session, closing at Yuan 1,360/tonne ($200.7/t) after hitting the daily 8% limit-down. The close was 6.7% lower than Monday's settlement price. "Coking coal and metallurgical coke