[SMM Survey Daily Briefing] October 17, 2025

[SMM Daily Coal & Coke Briefing]
Coking Coal Market:
Linfen low-sulphur coking coal offered at 1,540 yuan/mt. Tangshan low-sulphur coking coal offered at 1,490 yuan/mt.
Raw material fundamentals: most mines operate normally, a few are shut down; some downstream coke and steel enterprises have rigid restocking needs and have begun moderate restocking; mainstream mines’ online auctions see low failure rates, with more gains than losses; market sentiment has improved, and mines’ reluctance to budge on prices has strengthened; next week coking coal prices are expected to be generally stable with slight rise.
Coke Market:
First-grade metallurgical coke—dry quenched nationwide average price 1,790 yuan/mt. Quasi-first-grade metallurgical coke—dry quenched nationwide average price 1,650 yuan/mt. First-grade metallurgical coke—wet quenched nationwide average price 1,440 yuan/mt. Quasi-first-grade metallurgical coke—wet quenched nationwide average price 1,350 yuan/mt.
News: mainstream coke producers launched the second round of price increases, scheduled to take effect at 00:00 on 20 Oct. Supply side: recent further narrowing of coke producers’ margins increases production pressure; some producers affected by environmental protection inspections have made production cuts; current shipments are smooth and overall inventories remain low. Demand side: hot metal output stays at high levels, some steel mills still need to restock coke, but falling finished-steel margins and rising inventories mean most mills purchase as needed. Overall, market expectations are diverging, coke and steel mills are in a standoff, and coke prices are likely to remain stable for now. [SMM Steel]