[SMM Coking Coal Daily Briefing] 20250919

[SMM Daily Coking Coal and Coke Brief]

Coking coal market:

Low-sulphur coking coal in Linfen was offered at 1,510 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,390 yuan/mt.

On the raw material fundamentals, some accident mines remain suspended, with production not yet returning to normal levels, leading to a slight reduction in supply. Downstream buyers have moderately restocked certain essential coal varieties, and transactions for some coal types at mines have improved. In the short term, coking coal prices are expected to be generally stable with a slight rise.

Coke market:

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

Supply side, with two rounds of coke price cuts implemented and coking coal prices rebounding, coke producers' profit margins have significantly narrowed. However, production remains at normal levels, and coke supply is relatively stable. Coupled with smooth shipments from coke plants, there is no significant inventory pressure for now. Demand side, high hot metal output supports coke demand, and steel mills still have restocking needs for coke. In summary, futures market sentiment has pulled back, but cost support for coke has strengthened. Additionally, with expectations of pre-holiday restocking ahead of the National Day, the coke market is likely to remain stable in the short term.[SMM Steel]