[SMM Daily Review on Coal and Coke] 20250306

[SMM Daily Review on Coal and Coke]

Coking Coal Market:

Linfen low-sulphur coking coal is quoted at 1,320 yuan/mt. Tangshan low-sulphur coking coal is quoted at 1,390 yuan/mt.

In terms of raw material supply, recent safety inspections have intensified, with coal mines focusing on safe production, keeping supply temporarily stable. On the demand side, coke prices are still expected to decline, and downstream sentiment remains cautious, with purchasing as needed being the main approach. In summary, the coking coal market may operate stable with a weak trend in the short term.

Coke Market:

The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,680 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,540 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,340 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,250 yuan/mt.

In terms of supply, coke production remains stable, and coke supply is still relatively ample. On the demand side, most steel mills in Tangshan have maintenance plans in the near term, and if these plans are implemented, steel mills' enthusiasm for coke procurement will further decline. From a macro perspective, major meetings have emphasized the continued promotion of traditional industry transformation and upgrading, the sustained implementation of crude steel production control, and the promotion of steel industry restructuring. In summary, demand is expected to weaken, coupled with Two Sessions policies not exceeding market expectations, the coke market may operate stable with a weak trend in the short term, with the possibility of an eleventh round of price cuts for coke. [SMM Steel]