[SMM daily coke and coal briefing] 20250815

[SMM Daily Coking Coal and Coke Market Review]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,470 yuan/mt, while that in Tangshan was offered at 1,490 yuan/mt.

Raw material fundamentals: Mine production resumptions remained relatively slow. However, recent just-in-time procurement slowdowns from end-users weakened overall mine shipments, with fewer new orders signed. Some mines continued minor price adjustments. Currently, mine inventory pressure remains relatively small, supported by sustained just-in-time procurement from downstream buyers. Short-term coking coal prices face no significant downside risks.

Coke market:

Nationwide average prices stood at 1,790 yuan/mt for grade-1 metallurgical coke (dry-quenched), 1,650 yuan/mt for quasi-grade-1 (dry-quenched), 1,440 yuan/mt for grade-1 (wet-quenched), and 1,350 yuan/mt for quasi-grade-1 (wet-quenched).

Supply side: Coke producers saw profit margins recover, boosting production enthusiasm. Smooth coke shipments kept their inventories operating at low levels. Demand side: Steel mills maintained high operating rates with substantial coke consumption, leading to continuous inventory pullbacks and active restocking demand. Overall, the coke supply-demand imbalance persists without effective alleviation. Environmental protection-driven production restrictions are expected to intensify before military parades, constraining production across sectors. After six rounds of price hikes, the coke market may stabilize temporarily. [SMM Steel]