CHINA COKE WRAP: Further drops expected in coke market

Metallurgical coke prices in China are trending down this month, with market participants expecting further drops in the coming weeks due to steel mills’ narrowing margins and ample inventories.

Metallurgical coke prices have fallen by 100 yuan ($14.54) per tonne after steelmakers opposed a fourth round of price rises due to shrinking profit margins. East China’s Rizhao Iron & Steel and north China’s Hesteel - two major coke buyers in the country - both lowered their purchase prices by 100 yuan per tonne in mid-June. Rizhao Iron & Steel’s lower purchase price for the steelmaking raw material is its first price cut after three rounds of price increases amounting to a total of 300 yuan per tonne, which took place between the end of April and the end of May, sources said. It is now paying a delivered price of 2,040 yuan per...

Published

Sophie Zhao

June 25, 2019

13:35 GMT

Singapore