DAILY: China's coking coal price cuts broaden amid slow auction activity

China's coking coal market showed further bearish signals on October 22, with online auction failure rate hitting a two-week high and more price cuts seen among miners in major coal hubs.

On Thursday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,043/tonne ($306.3/t) including the 13% VAT, dipping by Yuan 0.1/t from the previous session. The online auction failure rate rose to 27.1% on Thursday from 6.9% on Wednesday, marking the highest level