DAILY: China's met coke market remains under pressure

Downward pressure on China's metallurgical coke market persisted as of July 31, and steel mills are likely to initiate another round of price reductions this week. The seasonal weakness in the downstream steel market continues to cloud the near-term coke prospect.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, stood still at Yuan 1,892.6/tonne ($280.3/t) last Friday, while the MCI CWQ for wet-quenched quasi-first-grade met coke was also unchanged on day at Yuan 1,748.8/t. Sources shared that domestic steelmakers will likely demand another cut on