DAILY: China's coking coal prices extend declines as pressure mounts

China's coking coal market remained under pressure on November 3, with prices extending declines in major production hubs. While more coal mines in Lvliang, a key hub in North China's Shanxi province, were set to resume production, steel mills were also preparing to press for lower metallurgical coke prices, further weighing on the raw material sector.

On Tuesday, Mysteel Coking Coal Index (MCCI), which tracks coking coal prices nationwide in China, stood at Yuan 1,989.1/tonne ($297.8/t) including the 13% VAT, down Yuan 5.5/t from the previous working day. In the online auctions yesterday, 217,000 tonnes of coking coal were offered. While 188,000 tonnes of the cargoes