[SMM Coking Coal Daily Market Review] 20250904

Published: Sep 4, 2025 17:02

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[SMM Daily Coking Coal & Coke Market Review] Supply side, coke producers maintained moderate profit margins, and with the conclusion of the military parade event, environmental protection-driven production restrictions are expected to be lifted, leading to a gradual recovery in coke supply. Demand side, steel prices fluctuated downward, coupled with recent improvements in coke arrivals at steel mills and increased coke inventory at some mills, resulting in a slowdown in procurement pace. Overall, the coke market fundamentals are gradually shifting toward looser conditions. In the short term, the coke market may operate in the doldrums, with rising risks of coke price cuts.

[SMM Daily Coking 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, affected by safety inspections and mine accident disruptions, coking coal supply contracted slightly. However, downstream wait-and-see sentiment is strong, some mines face sluggish shipments and began inventory buildup. High-priced coal varieties started to correct, online auction transactions were weak, and the number of failed auctions increased. Even when transactions occurred, they were concluded at lower prices. Market trading atmosphere deteriorated, and coking coal prices are expected to be in the doldrums in the short term.

Coke market:

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

Supply side, coke producers' profit levels are moderate, and with the parade event concluded, environmental protection-driven production restrictions are expected to be lifted, leading to a gradual recovery in coke supply. Demand side, steel prices fluctuated downward, and coupled with recent improvements in coke arrivals at steel mills, some mills' coke inventory increased, resulting in a slowdown in procurement pace. In summary, coke fundamentals are gradually turning loose, the coke market is expected to be in the doldrums in the short term, and the risk of coke price reductions has increased.[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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