[SMM Coking Coal Daily Market Review] September 9, 2025

[SMM Daily 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, production at some mines gradually recovered, short-term supply gradually increased, but downstream purchasing sentiment cooled, traders' purchase willingness was not strong, shifting to active shipments, order signing at mines was poor, online auction failures increased, market sentiment was pessimistic, short-term coking coal prices may be in the doldrums.

Coke market:

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

Supply side, coke price cuts and coking coal price declines proceeded simultaneously, most coke enterprises still had good profits, coupled with the end of production restrictions for the parade, coke enterprises gradually increased operation rates, coke production increased, forcing coke enterprises to actively ship. Demand side, the impact of the traditional peak season has not yet been reflected, end-user purchases of finished products remained weak, steel mill inventory accumulated, and coke arrivals improved, most steel mills' coke inventory was already at reasonable levels, shifting to purchasing as needed. In summary, coke cost support weakened, coke supply and demand tended to be loose, short-term coke prices may continue under pressure.[SMM Steel]