DAILY: China's met coke market softens as price cut starts

China's metallurgical coke market sentiment softened on November 28, as some northern steelmakers initiated a new price cut. Some participants were worried that steelmakers may continue pressing down raw material prices this month.

Last Friday, some steelmakers in North China's Hebei province and Tianjin municipality announced to cut their purchasing prices for all met coke products by Yuan 50-55/tonne ($7-7.7/t), effective December 1, sources reported. This marked mills' first attempt to cut prices after accepting four price hikes from early October to mid-November,