[SMM Coking Coal Daily Briefing] September 17, 2025

Published: Sep 17, 2025 16:50

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[SMM Daily Coking Coal and Coke Brief] Supply side, coking plants still maintain certain profits with stable production levels and sufficient coke supply. However, Tangshan issued emission reduction measures requiring a 30% extension of coking time, leading to reduced regional supply. Demand side, steel mill profits are moderate, and blast furnace operations remain at high levels, but purchase willingness from mills is weak. Additionally, Tangshan received an emission reduction notice requiring some steel mills to implement production cuts within a specified period, further suppressing coke demand. Overall, coke fundamentals have improved slightly. Coupled with pre-National Day restocking expectations and stable cost support, the coke market is expected to remain steady in the short term.

[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]

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