[SMM Coking Coal Daily Brief] September 8, 2025

[SMM Daily Coking Coal and Coke Brief]

Coking coal market:

Low-sulphur coking coal in Linfen was offered at 1,420 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.

Raw material fundamentals, coal mines maintained normal production, previously suspended mines gradually resumed production, market sentiment was bearish, traders began to sell to realize profits, downstream procurement was cautious, coking coal transaction sentiment was mediocre, online auction failures increased, transaction prices fell to varying degrees, short-term coking coal prices may be in the doldrums.

Coke market:

Nationwide average price for first-grade metallurgical coke - dry quench was 1,790 yuan/mt. Nationwide average price for quasi-first-grade metallurgical coke - dry quench was 1,650 yuan/mt. Nationwide average price for first-grade metallurgical coke - wet quench was 1,440 yuan/mt. Nationwide average price for quasi-first-grade metallurgical coke - wet quench was 1,350 yuan/mt.

News-wise, mainstream steel mills in Hebei and Shandong implemented the first round of coke price cuts of 50-55 yuan/mt, effective from 00:00 on September 8, 2025. Supply side, environmental protection-driven production restrictions were lifted, and coke profits per mt were moderate, coke enterprises had high production enthusiasm, coke production is expected to continue increasing, but downstream procurement slowed down, affecting coke enterprise shipments. Demand side, after the parade, steel mill hot metal production is expected to rebound significantly, but finished steel apparent demand fell short of expectations, steel mill profits narrowed, and willingness to suppress coke prices was strong. In summary, market sentiment is bearish, short-term coke market may be in the doldrums.[SMM Steel]