[SMM Coking Coal Daily Brief] 20250826

[SMM Daily Coking Coal and Coke Brief]

Coking coal market:

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

In terms of raw material fundamentals, new safety incidents occurred at coal mines, safety inspections were strict, and coking coal supply tightened somewhat. However, downstream buyers remained cautious, purchasing as needed. Transactions for some high-priced resources were weak, putting pressure on prices, while prices of other coal types remained generally stable.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quench was 1,845 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench was 1,705 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench was 1,490 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench was 1,400 yuan/mt.

In terms of supply, with the parade approaching, coke enterprises in multiple provinces received production restriction notices and implemented varying degrees of production cuts, reducing coke supply. On the demand side, due to traffic control measures related to the parade, the Beijing-Tianjin-Hebei region required that transport vehicles must be new energy units, leading to slower arrivals at steel mills. However, steel mills in other regions had replenished their inventory to reasonable levels and began controlling arrivals. In summary, as the finished steel market weakened, steel mills slowed their coke purchasing pace. Nonetheless, environmental protection-driven production restrictions led to a gradual expansion of production cuts among coke enterprises, with their coke inventory remaining at low levels. In the short term, the coke market may operate generally stable with a slight rise.[SMM Steel]