[SMM Coal and Coke Daily Briefing] October 14, 2025

[SMM Daily Coking Coal and Coke Review]

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.

In terms of raw material fundamentals, overall mine supply saw a relatively small change, downstream coking and steel enterprises maintained purchasing as needed, and trader purchasing enthusiasm slowed down. Mine new orders decreased, coupled with weaker sentiment in recent online auctions, transaction prices for some coal types pulled back, and mine offers saw slight adjustments. However, mine coking coal inventory pressure is relatively small, overall levels remain medium to low, and reluctance to budge on prices is strong.

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 enterprises' profits are currently at the break-even point, operating rates are temporarily stable, and their own coke inventory is low. Demand side, steel mill finished product sales pressure increased, some steel mills have maintenance expectations, and coupled with their own coke inventory maintained at safe levels, restocking willingness is insufficient. However, steel mill operating rates remain high, hot metal output is not expected to see a sharp decline in the short term, providing some rigid demand support for coke. In summary, continued market optimism weakened, inhibiting further coke price increases. Coke prices are expected to operate steadily in the short term.[SMM Steel]