DAILY: China's coking coal prices soften, outlook dim

China's coking coal prices softened further on June 26 amid the slowed transactions. Downstream buyers' caution towards high-priced raw materials continued to grow as the steel market is expected to remain slack in the ongoing off-season for steel consumption, market sources noted.

Last Friday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, sat at Yuan 1,715.6/tonne ($252.4/t) including the 13% VAT, dipping Yuan 1/t from the last session. This marked a decline for the second straight day, with magnitude widening from a Yuan 0.6/t daily loss