China's Grade II met coke price posted a 6.4% decrease from the previous ten days to 1,771.1 yuan/t on average over March 21-31, ex-plant basis with VAT, showed data from the National Bureau of Statistics on April 4.
The coke market kept falling after a small rise in early March, as the market still lacked solid strength amid tepid buying interest from weak steel industry.
Steel mills, especially those in Hebei, China's leading steel province, were unexpectedly postponed to re-operate from the winter heating season ending March 15, when environmental inspections turn harsh after the Two Sessions (Chinese annual political gatherings in March 5-15).
The waning operation and high coke stocks decreased steelmakers' appetite for the raw resource and give them excuses to hit down coke prices.
The Trump's tariff policy also cast a shadow on the market in late the month.
In April, a significant drop of steel stocks may help steelmakers regain the enthusiasm to improve operation, and it's also a good chance for the coke market.
(Writing by Alex Guo Editing by Tammy Yang)
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