DAILY: China's coking coal prices rally as supply remains tight

China's coking coal market posted price rallies across several coal types on July 29. Although support from the metallurgical coke sector softened further following the implementation of new met coke price cuts the same day, the protracted coal supply tightness continued to prompt coal miners to uphold their prices, according to market sources.

On Wednesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,687.1/tonne ($249.5/t) including the 13% VAT, up Yuan 2.4/t from the previous day, according to Mysteel's assessment. The same day, the second round of Yuan 50-55/t cuts in met coke prices took