DAILY: Lackluster buying depresses China's coking coal prices

Lackluster coking coal buying persisted in China on June 30, prompting further marginal price corrections from prior highs. Downside potential is expected to stay contained in the near term, given that uneven mine resumptions across the country's major producing regions continue to restrict overall availability and offer a floor to prices.

On Tuesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, reached Yuan 1,712.3/tonne ($252/t) including the 13% VAT, down another Yuan 1.5/t from the previous session. Coking coal buying interest among downstream buyers remained persistently weak, market sources said. In North China's Shanxi province, Mysteel