[SMM Coking Coal Daily Briefing] 20250910

[SMM Daily Coking Coal and Coke Brief]

Coking coal market:

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

Raw material fundamentals: previously suspended coal mines have gradually resumed production, leading to an increase in output. Coupled with the decline in coke prices, downstream purchasing sentiment remains cautious, with buyers purchasing as needed. Some high-priced coking coal resources are experiencing weak transactions, and mine shipments are slow, resulting in an accumulation of coking coal inventory. In the short term, coking coal prices are expected to be in the doldrums.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quenched is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenched is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenched is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenched is 1,350 yuan/mt.

Supply side, coke enterprises are seeing moderate profits and high production enthusiasm, leading to a continuous increase in coke supply. However, downstream purchasing remains cautious, slowing down the shipment pace of coke producers. Demand side, with the parade concluded, hot metal production at steel mills is gradually recovering, but end-use consumption lacks significant improvement. Additionally, rising coke inventory at steel mills has weakened their desire to purchase. In summary, a supply-demand imbalance in coke is emerging, with some steel mills still having a desire to bargain down prices. The coke market is expected to be in the doldrums in the short term, and a second round of coke price cuts is anticipated.[SMM Steel]