[SMM Survey Daily Briefing on Coal and Coke] 20251021

Published: Oct 21, 2025 17:01

Save

[SMM Coal and Coke Daily Briefing] In terms of news, steel mills have yet to respond to the second round of coke price increases. In terms of supply, coke enterprises are experiencing smooth shipments, with coke inventory remaining at low levels. However, some coke enterprises are operating at a loss and have implemented production cuts, leading to a tightening of coke supply. On the demand side, steel mills are currently maintaining high hot metal production, resulting in high daily coke consumption. Steel mills with low inventory still have some restocking demand. However, finished steel consumption remains weak, and steel mill profits have narrowed, leading to a cautious approach where purchasing is mainly conducted as needed. In summary, coke and steel enterprises have entered a period of stalemate. It is expected that the coke market may operate in a generally stable manner with a slight upward bias in the short term.

[SMM Daily Coking Coal and Coke Review]
Coking Coal Market:
The offer price for low-sulphur coking coal in Linfen is 1,560 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,490 yuan/mt.
Fundamentals for raw materials: Environmental protection and safety inspections have intensified in the Wuhai area of Inner Mongolia, leading to production halts at some mines and causing a regional supply reduction of coking coal. Downstream coking and steel enterprises still have some restocking demand for coking coal, which supports its price. However, there is resistance to high-priced resources, market trading sentiment has seen a pullback, and the coking coal market is expected to operate steadily in the short term.
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.
On the news front, steel mills have not yet responded to the second round of coke price increases. In terms of supply, coke enterprises are experiencing smooth shipments, and coke inventory remains at low levels; however, some coke enterprises are operating at a loss and have implemented production cuts, leading to a tightening coke supply. Demand side, steel mills' current hot metal production remains high, resulting in high daily consumption of coke, and steel mills with low inventory still have some restocking demand. However, finished steel consumption is weak, steel mill profits have contracted, leading to a primary purchasing strategy of buying as needed and a cautious mindset. In summary, coking and steel enterprises are in a stalemate, and the coke market is expected to operate generally stable with a slight rise in the short term. [SMM Steel]

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

22 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

22 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

22 hours ago

23 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

23 hours ago