[SMM Survey Daily Briefing on Coal and Coke] 20251010

Published: Oct 10, 2025 16:51

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[SMM Daily Coal and Coke Briefing] Supply side, following the successful implementation of the first coke price increase, coke producers' profits have improved somewhat, and most have slowed the pace of production cuts. Demand side, affected by logistics disruptions during the National Day holiday and rainfall in northern regions, steel mills' coke arrivals are moderate overall, at a medium level, but steel product inventory buildup has dampened mills' purchasing enthusiasm. In summary, the coke market is in a supply-demand balance, but there remains upward price momentum. In the short term, the coke market is expected to operate generally stable with a slight rise, and a second round of price increases still has a chance to materialize.

[SMM Daily Coking 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.
Raw material fundamentals: mainstream mines are operating normally, with coking coal inventory maintained at medium-low levels. Some mines have implemented slight production cuts. A coal mine accident occurred in Hunan, potentially leading to stricter regional safety supervision. Market inquiries are limited, transactions are few, with mines primarily fulfilling previous orders. Some high-priced coal varieties experienced a slight correction. In the short term, coking coal prices are expected to remain stable.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quench is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,350 yuan/mt.
Supply side, following the implementation of the first coke price increase, coke enterprise profits have improved somewhat, and the pace of production cuts has slowed for most. Demand side, affected by National Day holiday logistics disruptions and rainfall in northern regions, coke arrivals at steel mills are average, overall at a medium level. However, steel inventory buildup is suppressing mills' purchasing enthusiasm. In summary, the coke market shows a supply-demand balance, but possesses upward price momentum. The market is expected to hold up well in the short term, with a chance for a second round of price increases to materialize. [SMM Steel]

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