[SMM Coking Coal Daily Briefing] September 20, 2025

[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.

In terms of raw material fundamentals, mines that suspended production earlier gradually resumed production, but safety inspections remained strict. Overall coking coal supply was stable, downstream made appropriate purchases for restocking, mine shipments were smooth, and market trading atmosphere was relatively active. Recently, coking coal prices held up well.

Coke market:

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

Supply side, coke enterprise profits declined significantly recently, but operations maintained normal levels. Coupled with moderate buyer purchasing enthusiasm, coke enterprise shipments were good with no inventory pressure for now. Demand side, as the National Day holiday approached, steel mill purchasing enthusiasm improved somewhat, but current mill coke inventory was already at reasonable levels, and finished steel prices continued to fluctuate, resulting in low mill acceptance of coke price hikes. In summary, upward momentum for coke prices is still accumulating, and the coke market may hold steady in the short term.[SMM Steel]