DAILY: China's coking coal rebound stalls, MCCI dips

China's coking coal market lost momentum on October 21, with Mysteel's benchmark price posting its first decline in over a week. Signs of recovering supply renewed caution among market players, while sentiment was further dampened by protracted price negotiations between coke producers and steel mills, according to market sources.

On Wednesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,043.1/tonne ($305.9/t) including the 13% VAT, down Yuan 0.8/t from the previous day and marking its first decline since October 12. Analysts cited recent reports of a recovery in Mongolian coal shipments