[SMM Coking Coal Daily Brief] 20250819

[SMM Daily Coking Coal and Coke Market Review]

Coking coal market:

The low-sulphur coking coal price in Linfen was quoted at 1,470 yuan/mt, while that in Tangshan stood at 1,450 yuan/mt.

Raw material side, downstream buyers maintained cautious purchasing attitudes, procuring as needed. Transactions of high-priced resources remained sluggish. Some mines adjusted production plans by implementing the "276 working days" policy, leading to a slight decline in domestic coking coal supply. Most mines currently maintain low inventory levels, showing strong reluctance to budge on prices.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,790 yuan/mt, while that of quasi-first-grade (dry quenching) reached 1,650 yuan/mt. First-grade metallurgical coke (wet quenching) averaged 1,440 yuan/mt, with quasi-first-grade (wet quenching) at 1,350 yuan/mt.

Supply side, coke producers saw improved profits, boosting production enthusiasm. They actively shipped products while maintaining relatively low coke inventory levels. Demand side, steel mills enjoyed favorable profit margins, but increased blast furnace maintenance reduced rigid coke demand. Overall, production restrictions for both coke producers and steel mills are expected due to parade-related controls, alleviating the supply-demand imbalance in the coke market. The coke market may stabilize in the short term, with growing difficulty in implementing the seventh round of price increases.[SMM Steel]