[SMM Coking Coal Daily Market Review] 20250903

Published: Sep 3, 2025 16:44

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[SMM Daily Coke and Coal Market Review] Supply side, with the military parade concluded, environmental protection-driven production restrictions on coke enterprises in some regions are expected to be lifted. Coupled with favorable profitability, coke supply is anticipated to increase. Additionally, coke shipment pace has slowed down involuntarily, leading to minor inventory accumulation at some coke plants. Demand side, recent weakness in finished steel prices has weakened coke demand. Except for certain restocking demand in the Beijing-Tianjin-Hebei region due to traffic controls, steel mills in other areas have already replenished their coke inventories, resulting in purchasing as needed. Overall, the coke market fundamentals are gradually shifting toward looser conditions, and the short-term market may remain in the doldrums.

[SMM Daily Coal and Coke Brief]
Coking Coal Market:
Low-sulphur coking coal in Linfen is offered at 1,470 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,450 yuan/mt.
Raw material fundamentals: Shanxi strictly implements coal mine safety and environmental protection inspections, leading to a supply reduction. However, market sentiment has weakened, with fear of high prices spreading, and transactions are sluggish. Participants are mainly adopting a wait-and-see approach, maintaining rigid demand purchases. The online auction atmosphere has cooled. In the short term, coking coal prices are expected to remain in the doldrums.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quenched is 1,845 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenched is 1,705 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenched is 1,490 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenched is 1,400 yuan/mt.
Supply side, with the parade concluded, environmental protection-driven production restrictions on coke enterprises in some regions are expected to be lifted. Coupled with good profits for coke enterprises, coke supply is expected to increase. Additionally, coke shipment pace from coke enterprises has been forced to slow down, leading to a slight accumulation of coke inventory at some enterprises. Demand side, recent finished steel prices have weakened. Except for Beijing-Tianjin-Hebei, where there is still some restocking demand due to traffic control, steel mills in other regions have already replenished their coke inventories, leading to weakened demand for coke, with purchasing as needed being the main approach. In summary, the overall fundamentals of coke are gradually turning loose, and the coke market may operate in the doldrums in the short term.[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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