DAILY: Chinese steelmakers initiate fresh met coke price cuts

Major steel producers in North China's Hebei and Tianjin on July 20 notified their coke suppliers of the Yuan 50-55/t reductions in their met coke purchasing prices starting from July 22, unfolding the first bout of coke price cuts after nine consecutive hikes since April.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, remained flat from the last session at Yuan 2,000.3/tonne ($295.6/t) on Monday, while the MCI CWQ for wet-quenched quasi-first-grade met coke was also unchanged at Yuan 1,839.2/t, both including VAT. Downside pressures accumulated last week as