【SMM Daily Briefing on Coke & Coal】April 28, 2025

Published: Apr 28, 2025 16:53

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[SMM Daily Briefing on Coking Coal and Coke] In terms of supply, coking enterprises have maintained normal operating levels, with relatively stable coke production. Coke shipments have been smooth, and coke inventory has remained at low levels. Demand side, pig iron production at steel mills has fluctuated at highs, indicating a rigid demand for coke. Additionally, influenced by the restocking demand before the Labour Day holiday, steel mills have shown good enthusiasm for coke procurement. In summary, the fundamental imbalance in the coke market is relatively weak. However, the cost support for coke is also weak. It is expected that the coke market will remain stable before the Labour Day holiday.

SMM Daily Coking Coal & Coke Market Review

Coking coal market:

The low-sulphur coking coal price in Linfen was quoted at 1,310 yuan/mt, while that in Tangshan stood at 1,370 yuan/mt.

Fundamentals-wise, mine production remained normal with relatively loose supply. Recent online auctions saw frequent price corrections, with some coal grades continuing to weaken. Downstream sentiment turned cautious, leading to reduced market activity and weaker trading momentum. Overall, coking coal prices are expected to weaken in the short term.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry-quenched) was 1,680 yuan/mt, while that of quasi-first-grade (dry-quenched) reached 1,540 yuan/mt. First-grade metallurgical coke (wet-quenched) averaged 1,340 yuan/mt, with quasi-first-grade (wet-quenched) at 1,250 yuan/mt.

Supply side, coke plants maintained normal operating rates with stable production. Shipments ran smoothly, keeping coke inventory at low levels. Demand side, pig iron production fluctuated at highs, sustaining rigid coke demand. Steel mills showed strong purchasing enthusiasm ahead of the Labour Day holiday restocking needs. Overall, the coke market exhibits weak fundamental imbalance with limited cost support, and prices are likely to stabilize temporarily pre-holiday.

[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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