[SMM coal and coke daily briefing] 20250630

[SMM Coking Coal & Coke Daily Brief Comment]

Coking Coal Market:

Linfen's low-sulphur coking coal is quoted at 1,180 yuan/mt. Tangshan's low-sulphur coking coal is also quoted at 1,180 yuan/mt.

Regarding raw material fundamentals, some accident-affected mines in Changzhi, Shanxi are about to resume production, leading to partial supply recovery for coking coal. However, recent mine shipments have been robust, coking coal inventories have declined, the proportion of unsuccessful auctions in online bidding has decreased, and prices for certain coal grades have rebounded slightly. In summary, the coking coal market has largely stabilized, but upward momentum remains weak.

Coke Market:

The nationwide average price for prime metallurgical coke (dry quenching) stands at 1,440 yuan/mt. The nationwide average price for quasi-prime metallurgical coke (dry quenching) is 1,300 yuan/mt. The nationwide average price for prime metallurgical coke (wet quenching) is 1,120 yuan/mt, while the quasi-prime grade averages 1,030 yuan/mt.

In terms of supply, production cuts have been implemented by some coke enterprises, resulting in a slight tightening of coke supply. Meanwhile, coke shipment conditions have improved, and their own coke inventories have decreased. On the demand side, improved market expectations have slightly boosted steel mills' restocking enthusiasm, with reduced control over material arrivals, and even some traders beginning to stockpile. In summary, fundamental contradictions in the coke market have diminished, cost support has emerged, but there is insufficient upward or downward price momentum, and the short-term coke market may stabilize temporarily.