[SMM Coking Coal Daily Briefing] 20250911

Published: Sep 11, 2025 17:08

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[SMM Daily Coking Coal and Coke Briefing] Supply side, coking plants maintain high production levels, but downstream procurement enthusiasm has weakened. Some coking plants have seen a slight accumulation of coke inventory, with a strong willingness to sell. Demand side, steel mills are operating normally, with most maintaining reasonable coke inventory levels. A few steel mills have relatively high inventory and have begun controlling arrivals. Overall, the coke market fundamentals are gradually loosening, and the short-term coke market may be in the doldrums, with expectations of a second round of price cuts strengthening.

[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 1,420 yuan/mt.

Raw material fundamentals: mines are operating normally, with some accident-affected mines suspending production. After the coke price drop, coking plants' profits have decreased, leading them to purchase coking coal as needed. Trading participants exhibit a strong wait-and-see sentiment. Mine sales are average, and market expectations of further coke price declines persist, with some coal types expected to see additional price reductions.

Coke market:

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

Supply side, coking plants maintain high production levels, but downstream purchasing enthusiasm has weakened. Some coking plants have seen a slight accumulation of coke inventory, with a strong willingness to sell. Demand side, steel mills are operating normally, with most maintaining reasonable coke inventory levels, though a few have higher stocks and have begun controlling arrivals. Overall, coke fundamentals are gradually loosening, and the coke market is expected to be in the doldrums in the short term, with expectations of a second round of price cuts strengthening.[SMM Steel]

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