[SMM Coking Coal Daily Brief] September 15, 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 1,420 yuan/mt.

In terms of raw material fundamentals, affected by safety incidents, production at some coal mines remains constrained, but overall production is gradually recovering. Downstream purchasing sentiment is cautious, with some coal mines experiencing slow sales and inventory buildup. Prices of high-priced coal varieties have begun to adjust downward. In the short term, coking coal prices are expected to remain in the doldrums.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,300 yuan/mt.

On the news front, mainstream steel mills in Hebei and Shandong implemented a second round of coke price cuts, with reductions of 50-55 yuan/mt, effective from 00:00 on September 15, 2025. Supply side, coking plants still maintain certain profits, and most coking plants have high production enthusiasm, leading to an increase in coke supply. However, the pace of coke sales has slowed down, resulting in inventory accumulation. Demand side, steel mills have gradually resumed production, and hot metal output has rebounded rapidly, creating rigid demand for coke. Nevertheless, current coke inventories at steel mills are relatively sufficient, and coupled with weaker-than-expected performance in the finished steel market, steel mills still have a desire to bargain down coke prices. In summary, the supply-demand imbalance for coke is accumulating, and the coke market may remain in the doldrums in the short term.[SMM Steel]