[SMM Daily Coke & Coal Briefing] 20250731

Published: Jul 31, 2025 17:04

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[SMM Daily Coke Market Briefing] In terms of news, steel mills have not accepted the fifth round of price hikes this week and plan to make a decision next week based on market conditions. In terms of supply, the profitability of coke enterprises has improved, but due to high coking costs, most have maintained their previous production levels and have no obvious intention to increase production. Meanwhile, coke enterprises have smooth shipments and their own inventories are at a low level. In terms of demand, steel mills have good profits and moderate production levels. Additionally, due to recent heavy rains, transportation in some areas has been restricted, leading to poor delivery to steel mills and active procurement. In summary, the fundamentals of the coke market remain tight, and with cost support still in place, the coke market may operate generally stable with slight rise in the short term.

[SMM Daily Coal & Coke Market Review]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,500 yuan/mt. Low-sulphur coking coal in Tangshan was quoted at 1,300 yuan/mt.

Raw material fundamentals: Affected by safety inspections and environmental protection factors, coking coal supply from mines recovered slowly. However, recent cooling market sentiment led to reduced downstream purchasing enthusiasm for high-priced coal varieties. Online auction prices showed mixed performance. In the short term, coking coal prices remained generally stable, with some untapped varieties likely to continue catching up.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry-quenched) stood at 1,660 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry-quenched) was 1,520 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet-quenched) reached 1,320 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet-quenched) came in at 1,230 yuan/mt.

Market updates: Steel mills temporarily rejected the fifth round of price increases this week, with plans to reassess based on market conditions next week. Supply side: Coke producers saw improved profitability, but high coking costs kept most maintaining previous production levels without significant output increase intentions. Meanwhile, coke enterprises reported smooth shipments with low inventory levels. Demand side: Steel mills enjoyed good profits and maintained moderate production levels. Recent heavy rains disrupted transportation in some regions, causing delivery delays and prompting active procurement. Overall, coke fundamentals remained tight with cost support still in place, suggesting the coke market may hold up well in the near term.

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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