[SMM Survey] Daily Coking Coal Briefing: October 9, 2025

[SMM Daily Coal and Coke Review]
Coking Coal Market:
The quoted price for low-sulphur coking coal in Linfen is 1,600 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is 1,450 yuan/mt.
Regarding the fundamentals of raw materials, most coal mines are operating steadily, with a few undergoing maintenance shutdowns. Overall production has only slightly decreased, having a limited impact on the market. Downstream coke and steel enterprises show moderate purchasing enthusiasm, and the supply-demand imbalance is not immediately apparent, still providing support for coking coal prices. The post-holiday performance of the coking coal market has been average, with slight corrections in the prices of some high-priced coal types, while most coal prices remain stable, and the cost support for coke remains intact.
Coke Market:
The nationwide average price for first-grade metallurgical coke - coke dry quenching is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - coke dry quenching is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching is 1,350 yuan/mt.
During the National Day holiday, the coke market held up well. On October 1st, mainstream steel mills in Shandong accepted the first round of coke price increases, officially implementing the first round of price hikes, with wet-quenched coke rising by 50 yuan/mt and dry-quenched coke by 55 yuan/mt. In terms of market fundamentals, coke production and supply remained normal during the National Day holiday. Due to increases in both coking coal and coke prices, coking costs rose, squeezing coke producers' profits and curbing the expansion of coke supply. Additionally, downstream purchasing enthusiasm was strong during the holiday, with most coke producers selling their products immediately upon production, keeping their coke inventories at low levels. Only in a few regions did logistics face disruptions due to the holiday and rainy weather, affecting shipments. Looking ahead, coke producers' enthusiasm for production remains moderate, and coke supply is relatively stable. Most steel mills have coke inventories at safe levels, and their willingness to restock after the holiday is average. In summary, the short-term coke market is expected to remain stable, with significant difficulties anticipated for further coke price increases. [SMM Steel]