DAILY: China's met coke market remains in a dilemma, risks loom

China's metallurgical coke market remained caught in a stalemate on August 4, with elevated coal costs and sluggish downstream demand pulling on each other to keep coke prices from moving either higher or lower. Market sources expect negotiations between coke producers and steelmakers over a potential third round of coke price cuts to intensify soon.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, stood flat from the last session at Yuan 1,892.6/tonne ($280.3/t) on Tuesday, while the MCI CWQ for wet-quenched quasi-first-grade met coke also stabilized at Yuan 1,740.4/t. Steelmakers are anticipated to initiate a third round of metallurgical