[SMM Coking Coal and Coke Daily Review]
Coking Coal Market:
The price of low-sulphur coking coal in Linfen is quoted at 2,020 yuan/mt.
For coking coal, safety rectification in Shanxi remains normalized, mine production resumptions are slow, and the tight supply of coking coal has yet to see substantial relief. Downstream demand is weakening, new long-term agreements and spot orders at mines are seeing insufficient growth, with a wait-and-see stance at high prices and growing fears of price peaks. The focus of online auction transactions in production areas has been moving lower continuously, the proportion of failed auctions for various coal types remains high, and trading performance has not improved. However, mine-side inventories remain low, destocking pressure is limited, and short-term coking coal prices may mainly move sideways in a range and stay generally stable.
Coke Market:
The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) is 2,090 yuan/mt.
Supply side, coking enterprises still have profit margins, production initiative is strong, overall operating rates remain stable, and coke supply is increasing. However, downstream procurement follow-through is weak, coke enterprises’ shipments are hindered, plant inventories are entering an accumulation stage, and inventory pressure is gradually emerging. Demand side, end-user consumption of finished steel continues to weaken, steel transactions fell short of expectations, and steel mills continue to suffer losses. Meanwhile, there are widespread expectations of price cuts for raw materials in the market, steel mills are tightening procurement strategies, willingness to restock actively is low, and purchases are mainly small volumes for immediate needs.
In summary, the supply and demand sides are locked in a tug-of-war, market pessimism continues to grow, and the overall forecast is that the coke market will fall under pressure next week, with prices expected to decline. [SMM Steel]
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