[SMM Coal and Coke Daily Brief] September 29, 2025

[SMM Daily Coking Coal and Coke Review]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen was 1,510 yuan/mt. The offer price for low-sulphur coking coal in Tangshan was 1,450 yuan/mt.

Fundamentals for the raw material: with strict mine safety inspections, coking coal supply increases were limited; downstream demand was stable, and mine shipments were smooth. Online auction transaction prices continued to rise, but the increase narrowed significantly. In the short term, coking coal prices are expected to remain stable.

Coke Market:

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

Steel mills in Tangshan, Xingtai, Tianjin, Shijiazhuang, and other regions increased prices for stamped wet-quenched coke by 50 yuan/mt, stamped dry-quenched coke by 55 yuan/mt, top-charged wet-quenched coke by 70 yuan/mt, and top-charged dry-quenched coke by 75 yuan/mt, effective from 00:00 on October 1, 2025. Supply side, coking plants maintained normal production, and coke supply was stable; however, due to poor profitability, some plants slightly reduced production and had a strong willingness to push for price increases. Demand side, hot metal production remained high, and some steel mills still had minor restocking needs, supporting coke demand. Nonetheless, constrained by generally average end-user finished product consumption, some mills primarily restocked based on rigid demand. In summary, the coke market fundamentals are tight; in the short term, the coke market is expected to hold up well, and the first round of coke price increases has largely been implemented, pending official confirmation from mainstream steel mills.[SMM Steel]