DAILY: China's coking coal downturn accelerates amid bearish mood

China's coking coal market remained under downside pressure on November 2, as bearish sentiment continued capping buying interest. Fresh policy support for orderly mine restarts in Shanxi province the country's coking coal heartland together with further progress in resuming idled mines, brought the supply situation into focus, although output at restarted operations was still recovering slowly.

On Monday, the Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,994.6/tonne ($299/t) including the 13% VAT, down Yuan 14.7/t from the previous working day. This marked the sharpest daily loss since the downtrend started in late October. Online auctions also pointed