[SMM Coking Coal Daily Briefing] 20250918

[SMM Daily Coking Coal and Coke Brief]
Coking Coal Market:
Low-sulphur coking coal in Linfen is offered at 1,510 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,390 yuan/mt.
Fundamentals of raw materials: coking coal supply is recovering slowly, and some downstream inventories are at low levels, with slight restocking. Some coal types in online auctions saw price increases ranging from 10-100 yuan/mt. In the short term, the coking coal market is expected to be generally stable with a slight rise.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quench is 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,300 yuan/mt.
Supply side, most coke enterprises are not operating at a loss, with stable production, but some continue to see an increasing trend in coke inventory. Demand side, downstream steel mills are resuming production at a good pace, with hot metal production continuing to rebound, creating rigid demand for coke. In summary, coke cost support has strengthened, and the easing of production restrictions on coke enterprises in Tangshan has weakened market expectations of a coke price decline, boosting overall market sentiment. In the short term, the coke market is expected to operate steadily.[SMM Steel]