[SMM Coking Coal and Coke Daily Briefing] 20260211

[SMM Coking Coal and Coke Daily Briefing]

Coking coal market:

Low-sulphur coking coal in Linfen was offered at 1,570 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.

In terms of raw material fundamentals, approaching the Chinese New Year, mine safety inspections became stricter, coupled with some mines temporarily suspending operations, coking coal supply remained tight. Meanwhile, downstream purchasing enthusiasm declined, market trading atmosphere gradually became sluggish. However, mine inventory pressure was relatively small, and the willingness to hold prices firm was strong. Before the holiday, coking coal prices were likely to operate in the doldrums.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,350 yuan/mt.

Supply side, coking costs decreased slightly this week, coke plant profits increased slightly, overall production levels remained stable. However, some coke plants faced sluggish shipments, leading to some accumulation of their own coke inventory. Demand side, after previous continuous restocking, steel mills' coke inventory was mostly at high levels. Pre-Chinese New Year restocking willingness was low, with purchasing as needed being the main approach. In summary, the coke market was expected to maintain weak and stable operation before the holiday.[SMM Steel]