[SMM Coke & Coal Daily Briefing] 20250619

[SMM Daily Briefing on Coal and Coke]

Coking Coal Market:

In Linfen, the quoted price for low-sulphur coking coal is 1,180 yuan/mt. In Tangshan, the quoted price for low-sulphur coking coal is 1,200 yuan/mt.

In terms of raw material fundamentals, coal mines prioritize safety in production, which has somewhat suppressed output. The market trading atmosphere is sluggish, with coking and steel enterprises maintaining cautious purchasing. Coal mines are experiencing poor sales, and online auction prices continue to decline. There is still an expectation for coking coal prices to decrease.

Coke Market:

The nationwide average price for first-grade metallurgical coke (dry quenching) is 1,495 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (dry quenching) is 1,355 yuan/mt. The nationwide average price for first-grade metallurgical coke (wet quenching) is 1,170 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (wet quenching) is 1,080 yuan/mt.

In terms of supply, affected by environmental protection factors, the operating rates of coking enterprises have declined. However, the purchase willingness of downstream buyers remains low, and coke inventories are still accumulating at most coking enterprises. On the demand side, steel mills generally have medium to high levels of coke inventories, but the market is still in a downward phase, and steel mills' purchasing enthusiasm is relatively weak. In summary, the overall supply-demand pattern for coke is loose. In the short term, the coke market will be in the doldrums, and the expectation for the fourth round of coke price reductions has strengthened. [SMM Steel]