【SMM Daily Briefing on Coking Coal and Coke】April 30, 2025

[SMM Daily Commentary 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, mainstream coal mines are operating normally. The futures market for coking coal and coke has declined, and downstream buyers are cautious in their procurement, restocking coking coal raw materials on an as-needed basis. Traders are adopting a wait-and-see attitude, and order signing at coal mines is average. Prices for some coal types are under pressure, while most remain stable. In summary, coking coal prices may remain stable for the time being after the holiday.

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, most coking enterprises are maintaining profits and have good production enthusiasm, with coke supply remaining stable at high levels. In terms of demand, pig iron production at blast furnaces in downstream steel mills is fluctuating at highs, resulting in high daily consumption of coke. However, there is an expectation that pig iron production may peak. After the holiday, the willingness of steel mills to purchase and restock coke is average. In summary, the fundamentals of the coke market remain good after the holiday, but macro expectations are average. Additionally, the potential implementation of policies to reduce crude steel output is dampening market confidence. The coke market may remain stable after the Labour Day holiday. [SMM Steel]