[SMM Daily Coke & Coal Briefing] 20250728

[SMM Daily Coal & Coke Market Review]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,400 yuan/mt. Low-sulphur coking coal in Tangshan was quoted at 1,300 yuan/mt.

Raw material fundamentals: Mines maintained normal production, while downstream coke and steel enterprises still had restocking demand, creating rigid demand for coking coal. Few online auctions failed to clear, indicating positive market sentiment. Short-term coking coal prices are expected to continue rising.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry-quenched) stood at 1,605 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry-quenched) was 1,465 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet-quenched) reached 1,270 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet-quenched) was 1,180 yuan/mt.

Some steel mills in Hebei and Shandong have accepted the fourth round of coke price increases of 50-55 yuan/mt. Supply side: High production costs constrained coke producers' operating enthusiasm, with some continuing production restrictions and limited capacity expansion space. Demand side: Steel mills maintained high production levels, generating rigid coke demand. Traders diverted supplies, resulting in moderate mill arrivals and active procurement. Overall, tight coke fundamentals coupled with strong cost support suggest the market may continue holding up well in the short term, with expectations for a fourth round of price increases. [SMM Steel]