SMM Coal and Coke Daily Briefing: March 31, 2025

【SMM Coal and Coke Daily Brief】

Coking coal market:

The low-sulphur coking coal in Linfen was quoted at 1,300 yuan/mt. The low-sulphur coking coal in Tangshan was quoted at 1,340 yuan/mt.

In terms of supply, mines maintained normal production, but some independent coal washing plants in Shanxi experienced passive production cuts due to coal gangue disposal issues. Coking coal supply tightened WoW, online auctions for coking coal warmed up, with auction prices rising more than falling. Market trading sentiment improved, and sales resistance weakened. Demand side, steel mills gradually resumed production, reducing the sentiment to suppress raw material prices. Purchase and restocking activities increased. Overall, market sentiment remained cautious, and coking coal prices may remain stable this week.

Coke market:

The nationwide average price of first-grade metallurgical coke - dry quenching was 1,625 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke - dry quenching was 1,485 yuan/mt. The nationwide average price of first-grade metallurgical coke - wet quenching was 1,290 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke - wet quenching was 1,200 yuan/mt.

In terms of supply, most coke enterprises were above the break-even line, with moderate production enthusiasm. Coke supply remained stable, and shipments improved, with coke inventory at enterprises continuing to decline. Demand side, steel mills actively shipped recently, finished product inventory continued to decline, and with good profits, steel mills resumed production, increasing the rigid demand for coke. The coke price cut was temporarily shelved. Overall, downstream rigid demand for coke increased, and the supply-demand imbalance for coke weakened. The coke market may remain stable this week. 【SMM Steel】