[SMM Coking Coal Daily Briefing] September 16, 2025

Published: Sep 16, 2025 17:03

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[SMM Daily Coking Coal and Coke Brief Review] Supply side, coke producers' profitability remains moderate, with strong production enthusiasm. However, downstream purchase enthusiasm has declined, posing a risk of inventory buildup for coke producers. Demand side, finished products are accumulating in inventory, and coupled with good coke arrivals at steel mills, their coke inventory has increased. Some mills have begun controlling the pace of arrivals. Overall, with the peak season performance of finished products being average, steel mills have slowed down their procurement pace for coke. Coke supply and demand are relatively loose, and the coke market may operate in the doldrums in the short term.

[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 1,420 yuan/mt.

In terms of raw material fundamentals, affected by safety incidents, production at some mines remained constrained. With the second round of coke price cuts implemented, downstream procurement enthusiasm was moderate, and market transactions were sluggish. The proportion of failed online auctions was high. However, coking coal inventory at mines was at low to moderate levels. Coupled with stronger futures, mines showed a strong reluctance to budge on prices.

Coke market:

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

Supply side, coke enterprises' profitability was moderate, and production enthusiasm was good. However, downstream purchase enthusiasm declined, posing an inventory buildup risk for coke enterprises. Demand side, finished products inventory built up, and coupled with good coke arrivals at steel mills, coke inventory at steel mills increased. Some mills began to control the pace of arrivals. In summary, with the peak season performance of finished products being average, steel mills slowed down their coke procurement pace. Coke supply and demand were relatively loose, and the coke market may operate in the doldrums in the short term.[SMM Steel]

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