SMM Coal and Coke Daily Briefing: April 17, 2025

SMM Daily Brief on Coal and Coke Market

Coking Coal Market:

The low-sulphur coking coal in Linfen was quoted at 1,330 yuan/mt. The low-sulphur coking coal in Tangshan was quoted at 1,370 yuan/mt.

Fundamentally, most mines maintained normal production. Recently, coking coal prices have retreated, leading to cautious purchasing by downstream buyers, with purchases mainly made as needed. Mine shipments were moderate. In online auctions, transaction results showed mixed performance, with some coal types having higher starting prices and still experiencing unsold lots. Overall, the trading atmosphere was moderate. In summary, the coking coal market is expected to remain stable in the short term.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,680 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,540 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,340 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,250 yuan/mt.

In terms of supply, after the first round of coke price increases was implemented, the profitability of coke enterprises improved, and production enthusiasm was moderate. At the same time, coke enterprises' shipments were relatively smooth, and their coke inventory remained at low levels. On the demand side, pig iron production at steel mills has steadily rebounded, maintaining demand for coke. However, coke inventory at steel mills is at a reasonable level, and they continue to purchase as needed. Overall, coke is supported by rigid demand, but due to the impact of the trade war, both the volume and price of steel have declined, increasing the resistance for further coke price increases. In the short term, the coke market is expected to remain generally stable with a slight rise. [SMM Steel]