SMM Coking Coal Daily Briefing: April 25, 2025

Published: Apr 25, 2025 16:32

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【SMM Coal and Coke Daily Brief】 In terms of supply, due to the profit margin of coke enterprises, production enthusiasm is high, and product shipments are very smooth, resulting in a good supply-demand pattern in the coke market. Demand side, pig iron production in steel mills continues to remain at a high level, with a considerable daily average production, indicating a rigid demand for coke. Additionally, with the approach of the May Day holiday, some steel mills are slightly restocking. Although the overall fundamentals of coke remain stable, the cost support is insufficient. Therefore, in the short term, the coke market is expected to maintain a stable operating pattern, with an anticipated second round of price increases for coke.

【SMM Daily Brief on Coal and Coke】

Coking Coal Market:

The low-sulphur coking coal in Linfen was quoted at 1,330 yuan/mt. The low-sulphur coking coal in Tangshan was quoted at 1,370 yuan/mt.

Fundamentally, mines maintained normal production schedules, and supply remained temporarily stable. Downstream procurement mainly revolved around previous orders, and traders adopted a cautious approach to purchasing, leading to a significant reduction in new orders for mines and considerable pressure on shipments. In auctions, transaction prices continued to decline, and failed auctions became increasingly frequent. This series of developments indicates a weak trend in the coking coal spot market. In summary, the coking coal market is expected to gradually weaken in the short term.

Coke Market:

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

In terms of supply, coke enterprises maintained profitability, showing high production enthusiasm, and product shipments were very smooth, indicating a favorable supply-demand pattern in the coke market. On the demand side, pig iron production at steel mills remained consistently high, with a considerable daily average production, creating a rigid demand for coke. Additionally, some steel mills slightly restocked ahead of the May Day holiday. Although the coke fundamentals remained generally stable, cost support was insufficient. Therefore, the coke market is expected to maintain a stable operating pattern in the short term, with a potential second round of price increases.【SMM Steel】

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