DAILY: China's met coke price hikes stall amid steelmaker resistance

The first round of metallurgical coke price hikes, scheduled to take effect on October 21, failed to materialize as major steelmakers remained resistant to the proposed increases. Market participants expect downside pressure to persist in the coke market as steelmakers seek to rein in raw material costs amid persistent losses.

On Wednesday, Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, remained unchanged from the previous session at Yuan 2,107.9/tonne ($316/t), while the MCI (CWQ) for wet-quenched quasi-first-grade met coke slipped by Yuan 2.7/t to Yuan 1,953.5/t. With the proposed price hikes failing to take