[SMM Daily Review on Coal and Coke] 20250115

SMM Daily Review on Coal and Coke

Coking Coal Market:

The price of low-sulfur primary coking coal in Linfen is 1,450 yuan/mt. The price of low-sulfur primary coking coal in Tangshan is 1,500 yuan/mt.

In terms of raw material fundamentals, private coal mines are gradually shutting down for the year-end, with large-scale closures expected around January 20, while state-owned coal mines may delay by one week. Coal mine supply continues to contract. Some coal types still show price declines in online auctions, and downstream enterprises have limited acceptance of high-priced coking coal. In summary, the coking coal market remains stable with a weak trend, and prices are unlikely to fully stabilize.

Coke Market:

The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,900 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,760 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,540 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,458 yuan/mt.

In terms of supply, coke production at coke plants remains stable, but their inventories are accumulating, leading to active shipments. On the demand side, the effect of steel mills' winter stockpiling policies is limited, end-use demand is weak, and steel mills are controlling coke arrivals while continuing to seek profits upstream. Overall, coke supply is becoming more abundant, but steel mills' coke inventories have already increased to a reasonable level. In the short term, coke prices are expected to decline further, and the coke market is likely to continue operating with a weak and stable trend. 【SMM Steel】