DAILY: China's met coke market awaits direction, downside risks remain

China's metallurgical coke market held flat on October 28, awaiting clearer direction from the ongoing price standoff between coke producers and steelmakers. While most participants expect coke prices to hold steady in the near term, falling coking coal prices and a weak steel market are tilting the balance toward further declines.

On Wednesday, the 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). The MCI (CWQ) for wet-quenched quasi-first-grade met coke likewise held steady at Yuan 1,953.5/t. The same day, Lvliang dry-quenched quasi-first-grade and first-grade met