【SMM Daily Briefing on Coking Coal and Coke】20250507

[SMM Daily Commentary on Coking Coal and Coke]
Coking Coal Market:
In Linfen, the quoted price for low-sulphur coking coal is 1,300 yuan/mt. In Tangshan, the quoted price for low-sulphur coking coal is 1,370 yuan/mt.
In terms of fundamentals, the supply of coking coal has remained relatively stable. Prior to the holiday, most downstream coking enterprises had replenished their inventories to reasonable levels. During the holiday, coal mines focused on fulfilling previous orders, with quoted prices fluctuating rangebound. Some coal mines experienced an accumulation of inventory for certain coal types, leading to a slight drop back in prices. In summary, market participants have a strong wait-and-see sentiment towards the coking coal market in the later period, and purchases have been relatively cautious. This week, coking coal prices may remain in the doldrums.
Coke Market:
The nationwide average price for premium metallurgical coke (dry quenching) is 1,680 yuan/mt. The nationwide average price for quasi-premium metallurgical coke (dry quenching) is 1,540 yuan/mt. The nationwide average price for premium metallurgical coke (wet quenching) is 1,340 yuan/mt. The nationwide average price for quasi-premium metallurgical coke (wet quenching) is 1,250 yuan/mt.
In terms of supply, most coking enterprises have maintained moderate profitability, with production fluctuating at highs. Meanwhile, shipments from coking enterprises have been relatively smooth, and their inventories have remained at low levels. In terms of demand, pig iron production at steel mills has fluctuated at highs, with production enthusiasm remaining moderate. However, steel mills' coke inventories have been at reasonable levels, resulting in moderate purchase willingness for coke. In summary, the imbalance between coke supply and demand fundamentals is relatively small. However, steel prices have been volatile, and market sentiment remains heavy with a wait-and-see attitude. This week, the coke market may remain temporarily stable. [SMM Steel]