[SMM Coking Coal Daily Brief] October 27, 2025

[SMM Daily Coal & Coke Brief]
Coking Coal Market:
The low-sulphur coking coal offer in Linfen was 1,560 yuan/mt. The low-sulphur coking coal offer in Tangshan was 1,490 yuan/mt.
Fundamentals, raw material side: Affected by stricter safety and environmental protection inspections, production restrictions at coal mines increased, supply contracted somewhat. Downstream coke and steel enterprises purchased as needed, inventory pressure at coal mines was relatively small, supporting coking coal prices to develop in a generally stable and positive trend.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quenching was 1,845 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,705 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,490 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,400 yuan/mt.
News-wise, mainstream steel mills in Hebei and Shandong accepted the coke price increase; the second round of coke price increases was implemented, with a rise of 50-55 yuan/mt. Supply side, after the second round of price increases took effect, coke enterprise profits improved. The scope of production cuts at coke enterprises did not expand, maintaining previous operating rates, and coke enterprises had smooth shipments with no inventory pressure. Demand side, steel inventory destocking was not ideal, and increased blast furnace maintenance due to environmental protection led to a continued pullback in hot metal production this week, weakening the rigid demand for coke. However, coke inventory at steel mills continued to decline slightly, and coupled with the contraction in coke supply, steel mill purchasing was relatively active. In summary, the short-term coke market may operate in a generally stable with slight rise trend.[SMM Steel]