[SMM Coal and Coke Daily Brief] September 30, 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.

Fundamentally for raw materials, some coal mines scheduled holiday maintenance, leading to a decrease in mine production. Pre-holiday restocking by downstream buyers was largely completed, and they became cautious about purchasing high-premium resources. However, coal mines had many pre-sold orders, essentially no coking coal inventory, and maintained good sentiment, keeping offers temporarily stable.

Coke Market:

The nationwide average price for Grade One Metallurgical Coke - Dry Quenching was 1,735 yuan/mt. The nationwide average price for Quasi-Grade One Metallurgical Coke - Dry Quenching was 1,595 yuan/mt. The nationwide average price for Grade One Metallurgical Coke - Wet Quenching was 1,390 yuan/mt. The nationwide average price for Quasi-Grade One 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, coke enterprise profit margins were compressed, with some facing losses and slightly reducing production, leading to a decline in coke supply, while coke inventory remained at low levels. Demand side, pre-holiday restocking by steel mills was largely finished, but high hot metal output provided support for rigid coke demand, favoring coke price increases. In summary, the first round of coke price hikes is expected to be implemented, but mediocre consumption of finished products from end-users caps the upside for coke prices, suggesting prices may trend steadily after the holiday.