[SMM Daily Review on Coal and Coke] 20250210

【SMM Daily Review on Coal and Coke】

Coking Coal Market:

Low-sulfur primary coking coal in Linfen is quoted at 1,400 yuan/mt. Low-sulfur primary coking coal in Tangshan is quoted at 1,500 yuan/mt.

Fundamentally, coal mines are gradually resuming production, with supply recovering rapidly. However, the limited potential for pig iron output growth suppresses demand for coking coal and coke. The growth rate of coking coal supply exceeds that of demand, resulting in a relatively loose market supply. Coupled with continued poor expectations, coking coal prices are under pressure this week.

Coke Market:           

The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,845 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,705 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,490 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,408 yuan/mt.

In terms of supply, coke supply remains stable, with some coke enterprises experiencing inventory buildup. HRC supply remains loose. On the demand side, steel mills are cautiously resuming production, with their coke inventory at high levels, leading to low enthusiasm for coke purchases, primarily purchasing as needed. In summary, after the eighth round of price cuts, the imbalance in coke supply and demand persists, and further price reductions are still expected. 【SMM Steel】