[SMM Daily Brief Review of Coking Coal and Coke] 20260320

[SMM Coking Coal and Coke Daily Brief Review]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 1,450 yuan/mt. Tangshan low-sulphur coking coal was quoted at 1,490 yuan/mt.

Coking coal side, most coal mines maintained normal production, and coking coal supply remained relatively stable. Recently, market sentiment improved, with more inquiries and purchases, while inventory pressure at coal mines continued to ease. Some coal mines also had presale arrangements, and prices of high-quality coking coal resources already rose slightly. In the short term, the coking coal market may remain generally stable with slight rise.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,735 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,595 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) was 1,390 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet quenching) was 1,300 yuan/mt.

In terms of supply, most coke producers still faced slight losses, which suppressed their willingness to increase production, and overall supply remained temporarily stable. Meanwhile, shipments from coke producers improved, and coke inventory continued destocking. On the demand side, blast furnaces at steel mills resumed work and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments picked up, boosting steel mills' production enthusiasm. However, downstream buyers mostly maintained just-in-time procurement and lacked willingness to purchase for restocking. In summary, the supply-demand imbalance in the coke market still existed, and the coke market may remain stable next week.[SMM Steel]