DAILY: China's met coke market in the doldrums, 4th price cut starts

China's metallurgical coke market remained in the doldrums on December 29, with steelmakers initiating a new price cut on the raw material. The outlook for the market remained gloomy, with further downside pressure still on the horizon.

On Monday, some steelmakers in North China's Hebei province and Tianjin municipality notified their coke suppliers that they would cut their purchasing prices for all met coke products by Yuan 50-55/tonne ($7-7.7/t) on January 1, according to market sources. This marked mills' fourth price-cutting attempt since late November, Mysteel Global