[SMM Coking Coal Daily Market Review] September 5, 2025

Published: Sep 5, 2025 17:36

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[SMM Daily Coking Coal Market Review] Supply side, coke producers maintained moderate profit margins, and with the relaxation of environmental protection-driven production restrictions after the military parade, previously idled coke plants gradually resumed operations, leading to an expected increase in coke supply. Demand side, market sentiment turned cautious, coupled with the gradual recovery of logistics post-parade, which significantly improved steel mills' coke arrivals and dampened their procurement enthusiasm. Overall, the coke market fundamentals are shifting toward looser conditions, with short-term prices likely to remain in the doldrums amid heightened downside risks.

[SMM Daily Coal & 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.
Fundamentals-wise, some mines gradually resumed production, leading to an increase in output. Market sentiment continued to weaken, and expectations of a coke price decline emerged. Downstream buyers slowed down raw material procurement, while traders actively offloaded inventories. The coking coal trading atmosphere weakened, with online auctions seeing lackluster bidding and an increase in failed auctions. Even concluded transactions were settled at lower prices, indicating a deteriorating market trading environment. In the short term, coking coal prices may remain in the doldrums.
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.
Supply side, coke producers' profit levels were moderate, and environmental protection-driven production restrictions were relaxed after the parade. Coke enterprises that had previously restricted production gradually resumed operations, and coke supply is expected to increase steadily. Demand side, market sentiment turned cautious, and with logistics gradually recovering post-parade, steel mills' arrival of goods improved significantly, weakening their enthusiasm for coke procurement. In summary, the coke market fundamentals are gradually shifting towards loosening. In the short term, the coke market may operate in the doldrums, with increasing risks of a price decline.[SMM Steel]

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