Coking Coal And Coke Markets Resumed Operation

The domestic ore market in eastern Liaoning is generally stable, with traders rarely making inquiries for goods. Mining and processing operations remain at low levels, and holders are reluctant to sell below their psychological expectations. Supply-demand trading is cautious and need-based. End-use demand has yet to show significant improvement, and steel mills lack the motivation to resume or ramp up production. Iron ore demand remains weak with little room for improvement, compounded by expectations of a downward adjustment in mid-month settlement prices by leading steel enterprises.

[SMM Analysis] Bearish Factors Materialize, Sentiment Recovers, Supply Contracts Marginally, Stainless Steel Inventory Dips Slightly: SMM, September 17: This week, stainless steel social inventory reversed its earlier mild buildup trend, achieving a moderate overall destocking as the inventory midpoint edged lower, with peak-season inventory pressure easing marginally. Total inventory in the two core markets of Wuxi and Foshan pulled back slightly, declining from 926,200 mt on September 10, 2026 to 923,800 mt in the latest period, down 0.26% WoW, with inventory showing a steady destocking trend overall. This week, stainless steel market sentiment was initially subdued before recovering, as macro headwinds materialized and low-level restocking demand was released, jointly driving the mild inventory drawdown. Earlier in the week, before the US Fed rate hike landed, bearish macro sentiment weighed on the market, SS futures fell sharply, with the low briefly touching 13,290 yuan/mt, while the spot market was gripped by pessimism and wait-and-see sentiment, end-user transactions were sluggish overall, and the pace of inventory digestion slowed temporarily. Once the Fed rate hike landed, macro headwinds were largely priced in, and with futures prices pulling back to the lower end of the year's range, market cost-effectiveness became prominent, downstream and trader restocking demand at low levels gradually emerged, driving a phased recovery in spot transactions and effectively accelerating inventory digestion. Supply-side pressure also eased marginally, as stainless steel mill production schedules pulled back in September, the pace of industry supply release contracted, and futures warrant inventory continued to decline, further supporting the steady destocking of social inventory. Overall, the materialization of macro headwinds repaired market sentiment...

Australia's June outlook (2025-26 dollars) projects iron ore export earnings falling from about 75.8 billion USD (116.6 billion AUD) in 2025-26 to 50.2 billion USD (77.2 billion AUD) by 2030-31, a 34% fall against a 2% volume drop. China's January-July crude steel output fell 3.1% to 577 million tonnes while iron ore imports rose 5.9% to 736.8 million tonnes. Reuters said on 6 August that China Mineral Resources Group told some mills to halt September talks with Rio Tinto; Guinea's Simandou, targeting 120 million tonnes a year, broadens buyer options. The 1 billion AUD (650 million USD) Green Iron Investment Fund requires at least 1 million tonnes a year and first commercial sales by 31 March 2031; low-emission steelmaking favours high-grade ore, making Pilbara fines a strategic challenge.