DAILY: China's coking coal outlook dims as coke prices soften

The near-term outlook for China's coking coal market stayed bearish on July 22, with players concerned that latest declines in metallurgical coke prices could further undermine support for the raw material.

On Wednesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,687.2/tonne ($249.2/t) including the 13% VAT, down Yuan 3.7/t from the previous session. Trading in China's coking coal market remained sluggish, as the failure rate of online auctions climbed again to 26%