[SMM Daily Coke & Coal Briefing] 20250701

[SMM Coking Coal & Coke Daily Briefing]
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, environmental protection checks have exerted phased impacts on coking coal production. With recent improved ore sales at mines, coking coal inventories have declined, and downstream restocking activities have emerged. In summary, prices for most coal types have stopped falling and stabilized, with some major coal types even showing upward price expectations.
Coke Market:
The nationwide average price for high-grade metallurgical coke (dry quenching) stands at 1,440 yuan/mt. The nationwide average price for quasi-high-grade metallurgical coke (dry quenching) is 1,300 yuan/mt. The nationwide average price for high-grade metallurgical coke (wet quenching) is 1,120 yuan/mt, while the quasi-high-grade version is priced at 1,030 yuan/mt.
In terms of supply, most coke enterprises continue to operate at losses and have implemented production cuts to some extent. Meanwhile, coke sales conditions have improved, inventories at coke plants have decreased, and sales pressures have eased. On the demand side, market expectations have improved, steel mills maintain moderate production enthusiasm, restocking enthusiasm has slightly increased, controls on arrival volumes have reduced, and trade speculators' purchasing demand has also risen. Overall, fundamental contradictions in the coke market have diminished, cost support has emerged, prices have bottomed out, and the short-term coke market may stabilize temporarily. [SMM Steel]