DAILY: China's coking coal prices edge higher, yet risks remain

China's coking coal prices extended their gains on August 10, with active buying further underpinning market sentiment. However, analysts cautioned that subdued steel consumption during the summer off-season could transmit renewed downward pressure to the coal sector down the line.

On Monday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, settled at Yuan 1,721.9/tonne ($255.4/t) including the 13% VAT, extending its winning streak to six trading days with a further Yuan 3.5/t gain. The uptick was backed by strong auction activity on Monday. Mysteel data