[SMM daily coke and coal briefing] 20250815

Published: Aug 15, 2025 17:00

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[SMM Daily Briefing on Coke & Coal] In terms of supply, coke producers' profits have improved somewhat, boosting their production enthusiasm. Coke producers have smooth shipments, and their own coke inventories remain at a low level. On the demand side, steel mills are operating at a high capacity, consuming a large amount of coke. Their own coke inventories continue to pull back, and they have a good enthusiasm for restocking coke. In summary, the supply-demand imbalance in the coke market has not been effectively alleviated. The expectation of environmental protection-driven production restrictions before the military parade has increased, and production at all stages will be subject to certain constraints. After the sixth round of price increases, the coke market may operate steadily for the time being.

[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]

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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