[SMM Daily Coke & Coal Briefing] 20250731

[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.