[SMM Survey] Daily Coking Coal Briefing: October 28, 2025

[SMM Daily Coal and Coke Brief]

Coking Coal Market:

Low-sulphur coking coal in Linfen is offered at 1,610 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,590 yuan/mt.

Raw material fundamentals, environmental protection and safety inspections have been further strengthened, mine production resumptions have fallen short of expectations, and production release is limited. However, unexpected blast furnace maintenance occurred in the Tangshan area, leading to a short-term rapid decline in hot metal output. As a result, most coke and steel enterprises are temporarily purchasing as needed, with only some scarce coal types still having an upward price expectation.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quench is 1,845 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,705 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,490 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,400 yuan/mt.

Supply side, coke enterprise profits have recovered but not significantly, most coke enterprises still maintain previous production levels, shipments are relatively smooth, and inventory remains low. Demand side, steel mills in the Tangshan area are affected by the environmental protection-driven production restriction policy, leading to increased blast furnace maintenance and a decline in daily coke consumption. However, blast furnace operations in other regions remain stable, and steel mills there still have purchase and restocking demand for coke. In summary, the tight coke supply situation has temporarily eased, and the coke market is expected to operate steadily in the short term.[SMM Steel]