China’s benchmark coke futures climb 3.04% to 1,947.5 yuan/metric ton.

China's benchmark coke futures rose 3.04% to 1,947.5 yuan per metric ton, a move that signals a sharp repricing of steel-input costs in the world's largest steel-producing market. Coke is a core reductant in blast-furnace steelmaking, so a rally of this size transmits upstream to iron ore and downstream into steel margins, pressuring mills whose selling prices cannot keep pace with raw-material costs. The most exposed participants are domestic steelmakers and coking-coal producers, whose margins and inventory valuations shift directly with the futures curve, while the yuan's exposure is indirect, operating mainly through China's trade balance and commodity import bill rather than through any policy rate channel. Traders will watch China's upcoming industrial output and crude steel production data, along with any signals from the National Development and Reform Commission on production curbs, since supply-side discipline is the policy lever most likely to sustain coke price strength.

The Chinese Yuan (CNY / CNH) is managed by the PBOC with a daily reference fix. PBOC fixes, Chinese trade data, and Politburo statements drive USD/CNH direction. Offshore CNH responds faster than onshore CNY.

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