WEEKLY: China's coking coal prices drop on weak buying

During the survey week of June 26-July 2, the Mysteel Coking Coal Index (MCCI) -- the index tracking coking coal price movements throughout China -- recorded a steady decline. During the period, trading of the raw material remained slack amid growing caution among downstream buyers.

On July 2, MCCI – Mysteel's domestic coking coal benchmark – stood at Yuan 1,706.5/tonne ($251.7/t) including the 13% VAT, down Yuan 10.1/t from June 25. This marked the index's first on-week drop since late May, when the mine accident in North China's Shanxi province had caused coking coal