[SMM Survey Daily Briefing] October 16, 2025

[SMM Daily Coal and Coke Briefing]
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.
Fundamentals for raw materials: Mine production is basically stable. Recent coke prices have held steady, fostering moderate market sentiment for coking coal. Mine shipment pressure is relatively small. Additionally, some coke enterprises have begun appropriate purchasing, leading to more gains than losses in online auction transaction prices. Mines show a strong reluctance to budge on prices, with an expectation of probing for increases.
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.
News-wise, individual coke enterprises have initiated a coke price increase of 70 yuan/mt. Supply side, overall production levels at coke enterprises are relatively stable, with smooth shipments and no immediate inventory pressure. However, costs have increased recently, narrowing coke enterprise profits. Demand side, steel mills maintain high production enthusiasm and rigid demand for coke. But finished steel inventory buildup is significant, market transactions are relatively weak, prices are falling continuously, and steel mill profits are shrinking, leading to purchasing as needed. In summary, coke price increases face resistance, and the coke market is expected to operate steadily in the short term. [SMM Steel]