SMM Coal and Coke Daily Briefing: April 23, 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, while in Tangshan, it was quoted at 1,370 yuan/mt.

Fundamentally, mine production remained stable, and downstream restocking was completed earlier, leaving the raw material coking coal inventory at a safe level. Purchasing as needed dominated the market, with a wait-and-see sentiment prevailing. Mines actively shipped products, and transactions showed mixed performance. In summary, the coking coal market is expected to remain stable in the short term.

Coke Market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,680 yuan/mt, while that of quasi-first-grade metallurgical coke (dry quenching) was 1,540 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) was 1,340 yuan/mt, and that of quasi-first-grade metallurgical coke (wet quenching) was 1,250 yuan/mt.

In terms of supply, coke enterprises maintained profit margins, showing good production enthusiasm, and coke supply remained stable. Coke enterprises also had good shipment performance, keeping their coke inventory at a low level. On the demand side, steel mills exhibited high production enthusiasm, with pig iron production consistently staying at a high level, creating rigid demand for coke. In summary, as the Labour Day holiday approaches, steel mills' restocking demand has been released. Coupled with the low inventory of coke enterprises, the supply and demand of coke remain in a tight balance. However, recent cost support has weakened, and the coke market is expected to continue operating steadily in the short term.