[SMM daily coke and coal briefing] 20250730

Published: Jul 30, 2025 17:14

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[SMM Daily Review of Coking Coal and Coke] In terms of supply, after four consecutive rounds of coke price increases, the losses of coking enterprises have improved to some extent. However, there is still room for coking coal prices to rise, which restricts the production increase of coking enterprises. Demand side, currently, steel mill profits are at a relatively high level, and hot metal production remains high. Moreover, the arrival of coke at steel mills is generally average, leading to active procurement of coke. In summary, the supply of coke is relatively tight, and the short-term coke market may continue to hold up well, with expectations for a fifth round of price increases.

[SMM Daily Coking Coal and Coke Market Review]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,450 yuan/mt, while in Tangshan at 1,300 yuan/mt.

Raw material fundamentals, torrential rains caused unstable mine production, with coking coal supply recovering slowly. However, recent market sentiment cooled slightly as downstream buyers' purchase willingness for high-priced resources declined, and the online auction failure rate increased. Short-term upward momentum for coking coal appears limited.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry-quenched) stood at 1,660 yuan/mt, while quasi-first-grade (dry-quenched) at 1,520 yuan/mt. First-grade metallurgical coke (wet-quenched) averaged 1,320 yuan/mt, and quasi-first-grade (wet-quenched) at 1,230 yuan/mt.

Supply side, after four consecutive rounds of increases, coke producers' losses improved, but rising coking coal prices still constrain production expansion. Demand side, steel mill profits remain relatively high, with hot metal production sustaining elevated levels. Coupled with generally moderate coke arrivals at mills, procurement enthusiasm persists. Overall, coke supply remains tight, and the market is expected to hold up well in the short term, with potential for a fifth round of price hikes.[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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