[SMM Daily Review on Coal and Coke] 20250213

【SMM Daily Review on Coal and Coke】

Coking Coal Market:

The price of low-sulfur primary coking coal in Linfen is 1,400 yuan/mt. The price of low-sulfur primary coking coal in Tangshan is 1,450 yuan/mt.

In terms of supply, the pace of mine resumption has accelerated, coking coal production continues to increase, and supply pressure is mounting. On the demand side, steel mills remain in a loss-making phase, the eighth round of coke price cuts has been fully implemented, and coking profits have been compressed, leading to cautious procurement of coking coal. In summary, coking coal prices remain under pressure in the near term.

Coke Market:

The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,790 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,650 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,440 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,358 yuan/mt.

In terms of supply, coke production remains stable, but some coke enterprises are experiencing significant inventory accumulation. On the demand side, steel prices are declining, steel mills are increasingly inclined to push for price reductions, and steel mills are cautious about resuming production. Pig iron output is increasing slowly, and steel mills' coke inventories are at safe levels, resulting in low enthusiasm for coke procurement. In summary, coke prices are likely to continue fluctuating downward in the short term. 【SMM Steel】