DAILY: China's 2nd met coke price cut materializes, outlook dim

A new round of price cuts - the second bout since late November - took effect across the Chinese metallurgical coke market on December 12. Dampened by softer prices, market sentiment remained largely subdued, with some players concerned about more price declines in the near term.

Last Friday, Mysteel assessed China's quasi-first-grade met coke prices, for wet-quenching and dry-quenching types respectively, at Yuan 1,485.7/tonne ($210.7/t) and Yuan 1,620.7/t including the 13% VAT, down Yuan 45.5/t and Yuan 53.8/t from the previous session. Two leading steelmakers in East China's Shandong and North China's Hebei cut Yuan 50-55/t