DAILY: China's coking coal prices climb higher, further gains likely

China's coking coal market posted broadbased price gains on August 14, buoyed by positive sentiment and active trades. The upward momentum is expected to persist in the near term, underpinned by signs of recovery in the downstream metallurgical coke sector and lingering supply concerns arising from a string of recent mine accidents.

Last Friday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,764.4/tonne ($261.6/t) including the 13% VAT, up Yuan 12.7/t from Thursday. "The supply tightness in domestic coking coal – particularly for higher-grade varieties – has been further underscored by recent active restocking