[SMM Daily Review of Coal and Coke] 20250121

Published: Jan 21, 2025 17:01

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[SMM Daily Review on Coal and Coke] In terms of supply, the seventh round of coke price cuts has been implemented, further compressing the profits of coke enterprises. However, coke production remains relatively stable, and sluggish coke sales indicate a continued trend of inventory buildup. On the demand side, with the Chinese New Year approaching, the market is gradually entering a holiday mode, and steel mills' demand for coke procurement is moderate. In summary, the coke market may operate stably with a weak trend in the short term.

【SMM Daily Review on Coal and Coke】

Coking Coal Market:

The price of low-sulfur primary coking coal in Linfen is 1,400 yuan/mt. The price of low-sulfur primary coking coal in Tangshan is 1,500 yuan/mt.

In terms of raw material fundamentals, coal mines are arranging holiday schedules, leading to continued supply contraction. Winter stockpiling restocking by coke and steel enterprises has entered the final week, with procurement slowing down. Traders are mainly focused on recovering funds, resulting in sluggish market transactions. Online auctions show mixed performance, and coal mine prices remain mostly stable.

Coke Market:

The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,845 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,705 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,490 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,408 yuan/mt.

In terms of supply, the seventh round of coke price cuts has been implemented, further compressing the profits of coke enterprises. However, coke production remains relatively stable, and sluggish coke shipments indicate a trend of continued inventory buildup. On the demand side, with the Chinese New Year approaching, the market is gradually entering a holiday state, and steel mills' demand for coke procurement is moderate. In summary, the short-term coke market is expected to operate stable with a weak trend. 【SMM Steel】

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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