DAILY: China's first met coke price cut takes effect during holiday

China's first round of metallurgical coke price cuts officially took effect on October 1, after two leading steel mills announced they would lower their purchase prices. This snapped the uptrend lasting since mid-August, indicating more downside room after the country's National Day holiday over October 1-7.

The Mysteel Coke Index (MCI) CDQ, which tracks China's national prices for dry-quenched quasi-first-grade met coke, stayed unchanged from the previous session at Yuan 2,323.3/tonne ($346.5/t) on September 30, the last workday before the holiday. The MCI CWQ, tracking wet-quenched quasi-first-grade met coke, also held steady at Yuan 2,131.6/t,