DAILY: China's 1st met coke price cut takes effect, risks remain

The first round of price cuts in the Chinese metallurgical coke market after nine consecutive hikes in the past few months officially went into effect on July 22, driven by a decisive push from two leading steel mills seeking to rebalance profitability between the coke and steel sectors.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, decreased by Yuan 53.9/tonne ($8/t) from the last session to Yuan 1,946.4/t on Wednesday, while the MCI CWQ for wet-quenched quasi-first-grade met coke lost Yuan 45.2/t to Yuan 1,794/t, both including VAT. On Wednesday, Hebei Iron