[SMM Daily Coking Coal Market Review] 20250912

[SMM Daily Coking Coal and Coke Brief]

Coking Coal Market:

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

Fundamentals of raw materials, previously suspended mines steadily resumed production, coking coal supply remained stable. However, with the recent market weakening, downstream and trading participants showed low purchase willingness, trading atmosphere continued to deteriorate, and inventories of some coal types at mines accumulated. In the short term, coking coal prices are 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.

On the news front, some steel mills in Tangshan, Tianjin and other regions implemented the second round of coke price cuts, with a reduction of 50-55 yuan/mt, effective from 00:00 on September 15, 2025. Supply side, coke production profits are moderate, coke enterprises' production enthusiasm improved, coke production increased steadily, but coke enterprises' shipments slowed down, and sales pressure increased. Demand side, finished steel demand performed below expectations, and finished steel prices fluctuated downward, steel mill profits narrowed, coupled with increased coke inventory at steel mills, some steel mills slowed down the procurement pace of coke. In summary, the fundamentals of coke are gradually shifting to a looser pattern, and with weakened cost support for coke, the coke market may be in the doldrums in the short term, and coke prices are expected to see a second round of reduction.[SMM Steel]