DAILY: China's third met coke price hike takes effect

The third bout of metallurgical coke price hikes initiated by Chinese coke prices formally took effect on May 11, after they gained an upper hand in their extended negotiations with steelmakers thanks to the strengthening of steel and coking coal prices lately. However, the near-term coke market outlook remains mixed due to uncertainties over the sustainability of downstream market gains.

On Monday, Mysteel assessed the national quasi-first-grade met coke prices at Yuan 1,677.4/tonne ($246.9/t) for dry-quenched type and Yuan 1,526/t for wet-quenched, including VAT, rising by Yuan 53.8/t and Yuan 45.5/t from the last session, respectively. Two leading Chinese steel groups – Rizhao Steel and Hebei Iron and Steel (HBIS)