DAILY: China's coking coal trade remains strong, yet sentiment falters

China's spot coking coal trade remained robust on September 2, underpinned by persistent supply tightness in the domestic market. Despite the strong activity, however, sentiment has softened notably among some participants, weighed by concerns that a gradual recovery in Mongolian coal supply could bring downward pressure.

On Wednesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,224.4/tonne ($331/t) including the 13% VAT, up Yuan 23.7/t from the previous session. Yesterday's MCCI uptick was accompanied by sustained buying interest in the coking coal market. Of the 308,000 tonnes offered