SMM Coal and Coke Daily Briefing: April 21, 2025

Published: Apr 21, 2025 17:03

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【SMM Daily Review of Coal and Coke】 In terms of supply, the profitability of coke enterprises improved, and their production enthusiasm remained moderate. However, the destocking speed of coke enterprises slowed down, and their coke inventory remained at a low level. On the demand side, pig iron production in steel mills fluctuated at highs, creating a rigid demand for coke. However, after purchasing, the coke inventory of steel mills has reached a reasonable level, and they currently maintain purchasing as needed. In summary, the fundamentals of coke are relatively balanced, but cost support has weakened, and market sentiment is gradually increasing. In the short term, the coke market is expected to operate steadily.

【SMM Coking Coal and Coke Daily Brief】

Coking Coal Market:

The quoted price of low-sulphur coking coal in Linfen is 1,330 yuan/mt. The quoted price of low-sulphur coking coal in Tangshan is 1,370 yuan/mt.

Fundamentally, mines maintain normal production, and coking coal supply is sufficient. Recently, coking coal prices have retreated, with transaction prices in online auctions experiencing widespread declines. Downstream buyers are cautious in purchasing, mainly purchasing as needed, and mine shipments are moderate. In summary, market speculation sentiment has weakened, and demand growth expectations are limited. In the short term, the coking coal market is expected to stabilize.

Coke Market:

The nationwide average price of first-grade metallurgical coke - dry quenching is 1,680 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke - dry quenching is 1,540 yuan/mt. The nationwide average price of first-grade metallurgical coke - wet quenching is 1,340 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke - wet quenching is 1,250 yuan/mt.

Supply side, coke enterprises' profitability has improved, and production enthusiasm is moderate. However, the destocking speed of coke enterprises has slowed, and their coke inventory remains at a low level. Demand side, pig iron production in steel mills fluctuates at highs, creating rigid demand for coke. However, after purchasing, coke inventory in steel mills has reached a reasonable level, and they currently maintain purchasing as needed. In summary, the coke fundamentals are balanced, but cost support has weakened, and market sentiment is gradually increasing. In the short term, the coke market is expected to stabilize. 【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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