WEEKLY: China's coking coal prices soften as hopes build for mine restarts

China's coking coal market lost its upward momentum during October 16-22, with buying interest of market participants showing signs of cooling, the findings of Mysteel's latest survey showed. Hopes of buyers for recovering supply from both domestic mines and Mongolian imports were the likely cause.

On October 22, the 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, up Yuan 5.3/t from the previous week. However, its momentum seemed to have faded during the survey week, with Mysteel's assessment recording dips