DAILY: China's coking coal prices soften as auctions lose further traction

Mysteel's benchmark price for China's coking coal market continued to decline on October 23, as more buyers withdrew from online auctions out of caution, following the stalled negotiations between coke producers and steel mills on metallurgical coke prices last week.

Last Friday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,040.3/tonne ($305.8/t) including the 13% VAT, down Yuan 2.7/t from the previous working day. This was the third straight decline for the index, with the loss widening from only Yuan 0.1/t