[SMM Coking Coal Daily Briefing] September 17, 2025

[SMM Coal and Coke Daily 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 operate normally, downstream procurement slows down, still in a wait-and-see mode, mine inventory accumulates slightly, but market sentiment recovers, mines show strong reluctance to budge on prices.

Coke Market:

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

Supply side, coke producers still have certain profits, production levels remain stable, coke supply is sufficient, but Tangshan issued emission reduction measures, requiring coking time to be extended by 30%, regional supply decreases. Demand side, steel mill profits are moderate, blast furnace operating rates remain high, but steel mill purchase willingness is sluggish, coupled with Tangshan receiving emission reduction notices requiring some steel mills to implement production cuts within specified periods, further suppressing coke demand. In summary, coke fundamentals improve slightly, coupled with pre-National Day restocking expectations and stable cost support, the coke market is expected to operate steadily in the short term.[SMM Steel]