SHANGHAI, Aug 15 (SMM) –
Coking coal market:
The previously suspended coal mines began to resume production, while new suspended coal mines were added, owing to mining disasters. Therefore, tight supply of coking coal lingered. With no inventory pressure and orders still being executed, coal mines kept offers firm. However, it was difficult to trade new orders at high prices. More online auctions failed to completed, and the proportion of transaction price reductions increased. Market's pessimistic sentiment increased.
Coke market:
Fundamentally, bitter rivalry among coking plants remained, but bullish market sentiment cooled. Controlled costs and profit hikes stimulated coking plants to produce, thereby increasing coke production. The output of molten iron in BFs of downstream steel mills continued to increase, boosting demand for coke, but most steel mills were less motivated to purchase coke in the face of high coke prices.
On the whole, tight supply-demand fundamentals changed, and cost support was temporarily stable. The fifth round of coke price hike is unlikely to be seen. Under this circumstance, the short-term coke market may move sideways.
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