[SMM Coal and Coke Daily Briefing] October 13, 2025

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

Low-sulphur coking coal in Linfen was offered at 1,540 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.

Fundamentals for raw materials, mine safety inspections remained strict, which somewhat restricted coking coal production release. Coke prices showed mixed performance, market trading sentiment weakened. Downstream buyers showed resistance to high-priced coal varieties and adopted a cautious procurement approach. Recently, prices for most coal types held steady.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,350 yuan/mt.

Supply side, most coking plants had certain profits, production remained stable, current shipments were smooth, most coking plants achieved production-to-sales balance, coke inventory continued to operate at low levels. Demand side, hot metal production remained high, but steel mill profits were under pressure, coupled with mediocre end-user finished product demand and short-term negative impact from tariffs, steel mills continued their just-in-time procurement strategy with a cautious mindset. In summary, the current coke market, caught between cost support and demand constraints, showed a dilemma of being difficult to rise or fall. It is expected that coke prices will maintain a steady trend in the short term. [SMM Steel]