[SMM Coking Coal and Coke Daily Review] 20260825

[SMM Daily Review of Coking Coal and Coke]

Coking Coal Market:

Linfen low-sulphur coking coal quoted at 2,400 yuan/mt.

In terms of coking coal, mine orders are generally sufficient, with mines maintaining low or zero inventory levels. The market holds a bullish outlook for the subsequent market, online auction sentiment is high, transaction prices show significant premiums, the failure rate remains low, market confidence is sufficient, and the coking coal market is expected to hold up well in the short term.

Coke Market:

Nationwide average price of quasi-first-grade metallurgical coke (dry quenched) is 1,980 yuan/mt.

Supply side: Currently, coke enterprises suffer severe losses per mt, most coke enterprises are generally subject to production restrictions, leading to a decline in daily average coke production and continuous contraction in coke supply. Demand side: The steel market performs weakly and steel mill profits are squeezed, but daily average hot metal production remains at a relatively high level, providing rigid demand support for coke. Steel mills' purchasing intensity has not decreased but increased. In summary, coke costs have significantly increased and fundamentals have improved. Downstream steel mills' purchase enthusiasm has increased, and the coke market will continue to hold up well in the short term. The second round of price increase (100-110 yuan/mt) is about to be implemented. [SMM Steel]