[SMM Coal and Coke Daily Briefing] October 15, 2025

Published: Oct 15, 2025 17:09

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[SMM Coal and Coke Daily Brief] Supply side, coking enterprises are operating at the breakeven point, with production remaining stable for the time being. Most coking enterprises continue to maintain previous production restrictions, and coke shipments are smooth, with inventory fluctuating at lows. Demand side, hot metal output at steel mills has been fluctuating at highs recently, sustaining coke procurement demand. However, end-user finished products have shown significant inventory buildup, compressing steel mill profits. Coupled with environmental protection-driven production restrictions in the Tangshan area, restocking demand has seen limited release. Buyers are adopting a wait-and-see attitude toward further coke price hikes. In summary, short-term coke price hikes face resistance, and coke prices may remain stable for now.

[SMM Daily Coking Coal & Coke Review]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen is 1,540 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,490 yuan/mt.

In terms of raw material fundamentals, individual mines have suspended production, while most mines are operating normally. Recently, some coking plants have made just-in-time procurement. Transaction prices in online auctions have increased, with gains of 40-80 yuan/mt. However, due to high-price fears in the market, new orders signed by mines are weak, leaving limited room for short-term coking coal price increases.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical 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.

Supply side, coking plant profits are at the break-even point, with operating rates temporarily stable. Most coking plants maintain previous production restrictions, and coke shipments are smooth, with inventory fluctuating at lows. Demand side, recent hot metal output from steel mills fluctuates at highs, sustaining coke procurement demand. However, finished product inventory at end-users has increased significantly, compressing steel mill profits. Coupled with environmental protection-driven production restrictions in the Tangshan area, restocking demand release is limited, and a wait-and-see attitude is held towards further coke price hikes. In summary, short-term coke price hikes face resistance, and coke prices may temporarily stabilize.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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