DAILY: China's spot coking coal holds firm, futures slump as supply recovery looms

China's spot coking coal market held firm on October 19, with online auctions staying brisk and benchmark price edging higher. Coal derivatives prices, however, slumped yesterday as expectations of a recovery of Mongolian supply intensified.

On Monday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,041/tonne ($305.5/t) including the 13% VAT, up Yuan 1.1/t from last Friday. The modest gain came alongside another robust auction session. Yesterday, all the offered coking coal cargoes of 194,000 tonnes were