【SMM Daily Briefing on Coke & Coal】April 29, 2025

Published: Apr 29, 2025 16:52

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[SMM Daily Briefing on Coking Coal and Coke] In terms of supply, the cost for coking enterprises has decreased, and the increase in profits has driven up their production enthusiasm. As a result, coke production has steadily risen, and shipments have been smooth, with coking enterprises generally maintaining low inventory levels. On the demand side, pig iron production continues to remain high, and steel mills have a rigid demand for coke. With the approaching Labour Day holiday, some steel mills have slightly restocked. In summary, the fundamentals of the coke market are good, but macro expectations are average, and market sentiment is cautious. In the short term, the coke market is expected to continue to operate steadily.

[SMM Daily Briefing on Coking Coal and Coke]

Coking Coal Market:

In Linfen, the quoted price for low-sulphur coking coal is 1,310 yuan/mt. In Tangshan, the quoted price for low-sulphur coking coal is 1,370 yuan/mt.

In terms of fundamentals, coal mines are maintaining normal production. The inventory of coking coal, a raw material for downstream industries, is at a safe level. The willingness to restock before the holiday is generally low. Coupled with a significant cooling of market sentiment, online auctions show mixed performance with a relatively high rate of unsold lots. The market is cautious and in a wait-and-see mood. In summary, there is an expectation of a short-term price correction for coking coal.

Coke Market:

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

In terms of supply, the cost for coking enterprises has decreased. Increased profits have driven up the production enthusiasm of coking enterprises, leading to a steady increase in coke production and smooth shipments. The inventory levels of coking enterprises are generally low. In terms of demand, pig iron production continues to remain high. Steel mills have a rigid demand for coke. With the approaching Labour Day holiday, some steel mills are restocking slightly. In summary, the fundamentals of coke are good. However, macro expectations are average, and market sentiment is cautious. The coke market is expected to remain stable in the short term. [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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