DAILY: China's eighth met coke hike advances swiftly

The eighth round of Chinese metallurgical coke price hikes gained traction on June 18, as some steelmakers in northern China quickly accepted the increase after coke producers formally proposed it a day earlier. The near-term outlook for the coke market remains firmly bullish, with another price markup expected to emerge.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, remained steady from the last session at Yuan 1,892.6/tonne ($279.5/t) on June 18, while the MCI CWQ for wet-quenched quasi-first-grade met coke also stayed flat at Yuan 1,725.3/t, both including VAT. On June 18, some steel