[SMM Coking Coal Daily Brief] September 23, 2025

[SMM Daily Coking Coal and Coke Briefing]

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.

Raw material fundamentals, previously suspended non-accident mines gradually resumed production, supply was generally stable with a slight increase, and recent market sentiment improved, boosting downstream purchase enthusiasm. Coking coal prices held up well recently.

Coke Market:

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

Supply side, coke producers' coal costs increased, profits were near breakeven, producers maintained normal production pace, supply was relatively stable. Coupled with improved downstream purchase enthusiasm, coke producers saw smooth shipments and low inventory levels. Demand side, some steel mills gradually resumed production, and with the National Day holiday approaching, certain mills had some restocking demand. However, overall steel mill profits were poor, leading to purchasing as needed. In summary, the coke market is expected to remain stable in the short term.[SMM Steel]