DAILY: Buyer pushback saps China's coking coal momentum

The upward momentum in China's coking coal prices moderated on June 22, weighed down by buyer reluctance to accept elevated spot offers. This followed renewed progress on mine resumptions in the key producing province and a concurrent downturn in coal derivatives.

Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, rose to Yuan 1,714.6/tonne ($253.1/t) on Monday, including the 13% VAT. The daily gain of Yuan 5.3/t marked a sharp slowdown from the Yuan 15/t surge on June 18, the last session before the three-day Dragon