DAILY: Tight fundamentals further boost China's coking coal prices

China's coking coal prices maintained upward momentum on June 17, mainly driven by tight spot availability. Overall supply-demand fundamentals for coking coal stayed balanced, offsetting growing market concerns over near-term demand in light of the weakening steel market.

On Wednesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, reached Yuan 1,694.3/tonne ($250.4/t) including the 13% VAT, jumping from the previous session by Yuan 44.3/t, marking the largest daily gain so far since the recent bullish trend started in late May. Stringent safety inspections