[SMM coal and coke daily briefing] 20250526

Published: May 26, 2025 17:24

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[SMM Daily Briefing on Coking Coal and Coke] In terms of supply, coking enterprises maintained profits and stable production, but shipments faced certain obstacles, leading to a slight inventory buildup. The coke supply tended to be loose. On the demand side, the market gradually entered the off-season, and with frequent high temperatures and rainfall recently, end-use demand from downstream industries weakened. Additionally, as most steel mills held coke inventories at medium to high levels, their enthusiasm for coke procurement diminished. In summary, the supply-demand imbalance in the coke market continued to accumulate, and the impact of the off-season on finished steel products became more pronounced. Some steel mills had already proposed a second round of price cuts for coke. This week, the coke market will be in the doldrums.

[SMM Daily Commentary on Coking Coal and Coke]

Coking Coal Market:

In Linfen, the quoted price for low-sulphur coking coal is 1,230 yuan/mt. In Tangshan, the quoted price for low-sulphur coking coal is 1,280 yuan/mt.

In terms of fundamentals, most coal mines are operating normally, with a few reducing production slightly. Overall supply has contracted slightly. However, buyers are adopting a wait-and-see attitude. After a widespread decline in online auction transaction prices, order signing at coal mines remains unfavorable, and coal mine coking coal inventories have accumulated. Therefore, coking coal prices are likely to continue to come under pressure this week.

Coke Market:

The nationwide average price for premium metallurgical coke (dry quenching) is 1,625 yuan/mt. The nationwide average price for quasi-premium metallurgical coke (dry quenching) is 1,485 yuan/mt. The nationwide average price for premium metallurgical coke (wet quenching) is 1,290 yuan/mt. The nationwide average price for quasi-premium metallurgical coke (wet quenching) is 1,200 yuan/mt.

In terms of supply, coking enterprises are maintaining profits and operating steadily, but shipments have faced certain obstacles, leading to a slight inventory buildup. Coke supply is leaning towards being loose. In terms of demand, the market is gradually entering the off-season, and there has been frequent high temperatures and rainfall recently. End-use demand from downstream sectors has weakened. Additionally, most steel mills have coke inventories at medium to high levels, reducing their enthusiasm for coke procurement. In summary, the supply-demand imbalance in the coke market continues to accumulate, and the impact of the off-season for finished steel products has become prominent. Some steel mills have already proposed a second round of price reductions for coke. This week, the coke market will be in the doldrums. [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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