[SMM Survey Daily Briefing on Coal and Coke] 20251022

[SMM Coal and Coke Daily Briefing]
Coking Coal Market:
The offer price for low-sulphur coking coal in Linfen was 1,560 yuan/mt. The offer price for low-sulphur coking coal in Tangshan was 1,490 yuan/mt.
Fundamentally, due to strict checks on overproduction and safety, some mines have suspended or cut production, tightening coking coal supply and providing strong support for prices. Downstream coke and steel enterprises showed resistance to high-priced resources and adopted a cautious purchasing approach, with online auctions showing mixed performance. Overall, the coking coal market operated generally stable with a slight rise.
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, coke enterprises maintained stable production and focused on active shipments, with coke inventory remaining at low levels. However, profit per tonne of coke declined, leading some individual coke enterprises to voluntarily cut production. Demand side, transportation disruptions at some steel mills in Tangshan hampered coke arrivals. Meanwhile, daily average hot metal output at steel mills remained at a relatively high level, sustaining rigid demand for coke. But finished steel inventory remained under pressure and steel prices weakened, causing steel mills to resist the coke price hike. In summary, the coke market is expected to operate generally stable with a slight rise in the short term. [SMM Steel]