DAILY: China's coking coal market searches direction amid mixed signals

China's coking coal market participants sought clearer direction on July 28, as bearish and bullish signals coexisted. While steelmakers' cost-cutting resolve continued to weigh on raw material sentiment, fresh mine suspensions partly offset the downward pressure, market sources reported.

On Tuesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,684.7/tonne ($248.8/t) including the 13% VAT, down Yuan 0.6/t from the previous session. "Buying interest from coal washeries and traders remained tepid, constraining procurement volumes, while coke producers and steelmakers largely confined