[SMM Coal and Coke Daily Brief] 20250925

[SMM Daily Coal and Coke Briefing] Coking Coal Market: The quoted price for low-sulphur coking coal in Linfen is 1,510 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is 1,450 yuan/mt. Raw material fundamentals, most mines operate normally, and downstream purchases are generally active, with active market transactions, smooth mine shipments, and all online auctions concluded successfully. However, downstream profits have deteriorated, limiting the upside for coking coal prices. The coking coal market is expected to hold generally stable with a slight rise in the near term. 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. In terms of news, leading coke enterprises initiated the first round of coke price hikes, with increases of 50-55 yuan/mt. Supply side, coke enterprises face increased raw coal costs for furnace charging, leading to narrowed profits, but without significant losses. Production enthusiasm remains moderate, and supply is basically stable. Additionally, with the National Day holiday approaching, coke enterprise shipments have improved. Demand side, steel mills' profitability is moderate, hot metal production remains high, and with the approaching National Day holiday, there is some restocking demand for coke. However, steel products continue to see inventory buildup, leading to resistance from buyers towards the coke price hike. In summary, the coke market is expected to remain in a deadlock in the short term, and the expectation for the implementation of the first coke price hike is likely to strengthen over time. [SMM Steel]