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Home / Metal News / SMM Expects Coke Prices to Remain in Downward Trend

SMM Expects Coke Prices to Remain in Downward Trend

Nov 4, 2022 14:47

Source:SMM

SHANGHAI, Nov 4 (SMM) - Coke prices saw its first round of decline this Tuesday.

SHANGHAI, Nov 4 (SMM) - Coke prices saw its first round of decline this Tuesday. Currently, some steel mills in Shandong, Shanxi and Hebei provinces have proposed a second round of coke price cuts.

The overall coal mine production has increased, while coking plants restocked as needed amid poor profitability, weighing on coal prices. This weakened cost support to coke prices.

According to SMM research, the capacity utilisation rate of coke ovens slid 0.6 percentage point to 70.9% this week. The small decline in coke supply coupled with greater production reduction by steel mills will put pressure on coke prices.

The end demand for steel continues to be weak, steel mills are pessimistic about the market outlook, another bearish factor for coke market.

As such, SMM expects coke prices to record another round of decline at the end of this week or early next week.

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