[SMM Coal and Coke Daily Brief] October 24, 2025

[SMM Daily Coking Coal and Coke Review]
Coking Coal Market:
The quoted price for low-sulphur coking coal in Linfen was 1,560 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan was 1,490 yuan/mt.
Fundamentals for raw materials: This week, some mines in the Wuhai region suspended production due to environmental protection and safety inspections, leading to a regional supply reduction. Inquiries from downstream traders and actual transaction orders increased, with smooth shipments from coal mines. Coking coal inventory decreased to varying degrees. Additionally, BHP may cut its coking coal operations in Australia this Thursday, creating an expectation of reduced overseas Australian coal supply. Market bullish sentiment increased, and online auctions saw almost no failed lots. In the short term, coking coal prices are expected to be 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.
On the news front, steel mills in Tangshan, Tianjin, and other regions accepted the second round of coke price increases of 50-55 yuan/mt. Supply side, coke enterprise profits further decreased, with some companies implementing production cuts. Overall operating rates were stable with a slight decline, but shipments were smooth, and overall inventory remained at low levels. Demand side, daily average hot metal output remained at a relatively high level, and blast furnace operating rates at steel mills were stable, maintaining rigid demand for coke. However, steel mill profits were under pressure, maintenance activities increased, and most mills maintained a purchasing-as-needed strategy. In summary, market bullish sentiment increased, and the coke market is expected to hold up well in the short term.[SMM Steel]