[SMM Daily Coke & Coal Briefing] 20250710

Published: Jul 10, 2025 17:15

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[SMM Daily Briefing on Coal and Coke] In terms of supply, costs have increased recently, leading to an expansion in coking enterprises' losses, but they remain within an acceptable range. Production levels have remained stable for the time being. Additionally, shipments from coking enterprises have been smooth, and the coke inventory of some coking enterprises has already dropped to a low level. Demand side, the market demand for finished steel products has shown resilience. Coupled with the good profitability of steel mills, pig iron production has remained high, and the willingness to purchase coke has increased. In summary, the fundamentals of the coke market are performing well. Moreover, the price of coking coal has remained stable with an upward trend, enhancing cost support. In the short term, the coke market is expected to operate steadily with a strengthening trend, and there is an expectation of an increase in coke prices next week.

[SMM Daily Coking Coal & Coke Market Review]

Coking Coal MarketZ3/>Linfen low-sulphur coking coal quoted at 1,180 yuan/mt. Tangshan low-sulphur coking coal quoted at 1,200 yuan/mt.

Regarding raw material fundamentals, some mines have resumed production, leading to gradual improvement in coking coal supply. Accompanied by sustained futures market rallies, market sentiment has been boosted, with downstream enterprises and traders showing strengthened purchase willingness. Coal mine shipments remain smooth, inventory pressure on coking coal has eased, and online auctions generally saw price increases. Short-term coking coal prices are expected to test marginal increases.

Coke Market:

Prime metallurgical coke (dry quenching) nationwide average price stands at 1,440 yuan/mt. Quasi-prime metallurgical coke (dry quenching) nationwide average price is 1,300 yuan/mt. Prime metallurgical coke (wet quenching) nationwide average price is 1,120 yuan/mt. Quasi-prime metallurgical coke (wet quenching) nationwide average price is 1,030 yuan/mt.

In terms of supply, recent cost increases have expanded coke producers' losses, though still within acceptable ranges. Production levels remain stable, and coke shipments are proceeding smoothly, with some coke inventories already dropping to low levels. On the demand side, finished steel market shows resilient demand, coupled with favorable steel mill profitability and sustained high pig iron output, leading to enhanced purchase willingness for coke. Overall, coke market fundamentals perform relatively well, with coking coal prices stabilizing and rising, and cost support strengthening. The short-term coke market is likely to maintain a steady-to-strong trend, with one round of price increase expected next week. [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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