DAILY: Chinese steelmakers give nods to new met coke hikes

The latest round of metallurgical coke price hikes quickly gained acceptance from major Chinese steel producers on June 1, signaling stronger market momentum and setting the stage for the increases to formally take effect on June 3. Market players generally remain optimistic about the near-term market.

Mysteel Coke Index (MCI) CDQ, gauging China's national dry-quenched quasi-first-grade met coke prices, stayed flat from the last session at Yuan 1,731.2/tonne ($255.9/t) on Monday, while the MCI CWQ for wet-quenched quasi-first-grade met coke edged higher by Yuan 4.3/t to Yuan 1,576.8/t, both including VAT. The mild uptick in the