DAILY: Downward pressure accumulates in China's met coke market

China's metallurgical coke market was broadly stable on November 4, with the market awaiting fresh price direction. Downward pressure, however, continued to build amid weak market dynamics, and with sentiment still bearish, another round of price cuts was widely considered inevitable.

On Wednesday, Mysteel Coke Index (MCI) CDQ, which tracks China's national dry-quenched quasi-first-grade met coke prices, remained unchanged from the last session at Yuan 2,107.9/tonne ($317/t), while the MCI (CWQ) for wet-quenched quasi-first-grade met coke fell by Yuan 2.4/t to Yuan 1,943/t. The modest dip in MCI (CWQ) was mainly