[SMM Coal and Coke Daily Brief] 20250821

[SMM Daily Coal and Coke Brief]

Coking coal market:

Low-sulphur coking coal in Linfen is quoted at 1,470 yuan/mt. Low-sulphur coking coal in Tangshan is quoted at 1,450 yuan/mt.

Raw material fundamentals, mine production resumptions are slower than expected, and additional mines have suspended production, overall coking coal supply recovery is slow. Downstream end-user purchasing has slowed down, overall mine shipments have weakened, new orders are relatively few, high-priced resources face weak transactions, the proportion of failed online auctions has risen rapidly, and prices of some coal types continue to adjust slightly.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quench is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,350 yuan/mt.

Supply side, coke enterprise profits have somewhat recovered, production enthusiasm has slightly increased, supply has seen an increment, coke enterprises are shipping smoothly, and overall inventory pressure is relatively small. Demand side, production restrictions at steel mills in the Tangshan area have set dates, subsequent coke demand may decline, but steel mill profits are moderate, hot metal production is decreasing slowly, providing some support for coke demand. In summary, constrained by production restriction policies related to the parade, coke supply is unlikely to see significant improvement, downstream steel mills purchase coke as needed, and the coke market may operate steadily in the short term.[SMM Steel]