DAILY: China's coke price cut materializes ahead of CNY holiday

The Chinese metallurgical coke market weakened on January 20, with the Chinese New Year (CNY) holiday just a week away, as leading domestic steel mills officially announced to reduce their coke purchase prices by Yuan 50-55/tonne ($6.8-7.5/t) for dry- and wet-quenching met coke, according to market sources.

Following the adjustment, prevailing offers for wet-quenching quasi-first-grade met coke in North China's Shanxi declined to Yuan 1,330-1,430/t on Monday, and those for dry-quenching quasi-first-grade coke in East China's Shandong ranged from Yuan 1,715-1,785/t, EXW basis with VAT included, Mysteel learned. In parallel, China's national composite coke price under Mysteel's