[SMM Daily Brief on Coking Coal and Coke] 20260731

[SMM Daily Coking Coal and Coke Review]

Coking Coal Market:

Linfen low-sulphur coking coal quoted at 2,020 yuan/mt.

Coking coal side, some mines have production halts due to license expirations, keeping coking coal supply tight and providing some support to coal prices. Moreover, overall inventory pressure at mines has not increased significantly, and mainstream coal types have seen relatively small price changes. However, weak downstream demand continues to weigh on the market, and some high-priced coal types still have room for downward correction.

Coke Market:

The nationwide average price of quasi-first-grade dry-quenched metallurgical coke is 1,980 yuan/mt.

Supply side, the second round of coke price cuts has been fully implemented. Some coke producers are slightly cutting production due to losses, and their shipments are hindered, leading to continuous accumulation of in-factory inventories. Demand side, steel mill production cuts and maintenance are ongoing, causing hot metal output to decline. Downstream buyers are cautious in purchasing coke. Meanwhile, steel mills continue to suffer losses and still intend to push for lower coke prices. Overall, cost support for coke is weakening, and the supply-demand imbalance is accumulating. In the short term, the coke market is likely to remain in the doldrums, with expectations of a third round of price cuts. [SMM Steel]