DAILY: Expectations of looser supply weigh on China's coking coal market

Sentiment in China's coking coal market weakened further after three coal-related authorities jointly issued a notice calling for faster mine resumptions to stabilize coal supply. Expectations of looser coal supply over the coming months continued to pressure the market on September 20, a make-up working day ahead of the National Day holiday over October 1-7.

Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, recorded continuous daily drops of Yuan 5.3/tonne ($0.8/t) last Friday and Yuan 6.2/t last Sunday, settling at Yuan 2,243.4/t including the 13% VAT yesterday. Last Friday, a statement jointly issued by the National Development and Reform Commission,