DAILY: China's met coke price hikes face resistance, futures slump

China's metallurgical coke market was stuck in a stalemate on October 19, as the proposed Yuan 50 - 55/tonne ($7-8/t) price increase by major coke producers in northern China met stiff resistance from steelmakers. Market sentiment remained broadly bearish amid mounting mill losses and expectations of a recovery in coking coal supply.

Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, was unchanged from the previous session at Yuan 2,107.9/t ($315/t) on Monday, while the MCI CWQ for wet-quenched quasi-first-grade met coke was also stable at Yuan 1,956.2/t. On Monday, major coke producers in northern China proposed