[SMM coal and coke daily briefing] 20250625

[SMM Daily Coal and Coke Briefing]

Coking Coal Market:

The quoted price for low-sulphur coking coal in Linfen is 1,180 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is also 1,180 yuan/mt.

In terms of the raw material fundamentals, the safety inspection situation remains strict, leading to a slight tightening in coal mine production. Online auctions show mixed performance, with the rate of failed bids further decreasing. However, due to losses in coking enterprises, their acceptance of high-priced coal varieties is low, and the prices of these coal varieties may continue to decline, while the prices of other coal varieties will remain stable for the time being.

Coke Market:

The nationwide average price for first-grade metallurgical coke (dry quenching) is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (dry quenching) is 1,300 yuan/mt. The nationwide average price for first-grade metallurgical coke (wet quenching) is 1,120 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (wet quenching) is 1,030 yuan/mt.

In terms of supply, most coking enterprises are experiencing losses, leading to voluntary production cuts, and the actual supply of coke has decreased to a certain extent. In terms of demand, steel mill profits are moderate, and there is support for the rigid demand for coke, with steel mills reducing their control over arrival volumes. In summary, the fundamental contradictions in the coke market have eased recently, coupled with the fact that cost support is no longer weakening, the coke market may stabilize temporarily this week. [SMM Steel]