DAILY: China's coking coal market remains weak, MCCI drop widens

Sentiment in China's coking coal market remained weak on October 27. As pricing stance softened among a growing number of miners in major coking coal hubs, Mysteel's benchmark price also posted a larger decline than in previous days.

On Tuesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 2,028.4/tonne ($304.3/t) including the 13% VAT, down Yuan 7.1/t from the previous session. After a Yuan 0.1/t dip last Thursday, MCCI recorded widening declines for four consecutive working days, reflecting mounting pressure