DAILY: China's benchmark coking coal softens, market uncertainty lingers

China's benchmark coking coal grade posted its first decline in over a month on July 2, reflecting a generally faltering market sentiment. Although subdued steel demand could exert further downward pressure, stricter mine production constraints hint at possible upside support, leaving the outlook clouded, Mysteel Global notes.

On Thursday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, reached Yuan 1,706.5/tonne ($251.7/t) including the 13% VAT, down by another Yuan 0.3/t from the previous day. The Anze low-sulfur washed primary coking coal – a benchmark premium grade (A 9.5%, S 0.5%, G 85)