[SMM Coking Coal Daily Market Review] September 2, 2025

[SMM Daily Coking Coal and Coke Briefing]

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.

Raw material fundamentals, as the military parade approaches and additional coal mines have recently suspended production, overall supply decreased. Prices of some scarce coal types increased slightly, but downstream maintained restocking based on demand. Order signing for some high-priced coal types was difficult. In addition, as market expectations for coke price declines gradually increased, sentiment in the coking coal market cooled. Short-term prices will remain in the doldrums.

Coke market:

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

Supply side, overall production levels at coke enterprises remained relatively stable, and coke shipments were relatively smooth. However, market wait-and-see sentiment was strong. In some regions affected by traffic control, the pace of shipments from coke enterprises slowed down. Demand side, steel mill profits contracted and finished steel consumption performed weakly. In addition, environmental protection-driven production restrictions led to a decrease in hot metal production, weakening rigid demand for coke. In summary, sentiment in the ferrous metals series remained weak, and the supply-demand imbalance for coke eased. The coke market may remain in the doldrums in the short term.[SMM Steel]