DAILY: China's coking coal prices drop further as caution grows

China's coking coal prices extended their decline on July 3, as downstream sectors grew increasingly cautious over raw material purchases amid a tepid steel market outlook, according to market sources.

Last Friday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, reached Yuan 1,704.6/tonne ($251.1/t) including the 13% VAT, down 1.9% from the previous session. Market sources reported that sales of coking coal across mines, washeries, and trading houses have softened amid the recent sentiment cooling,