[SMM Survey] Daily Coal and Coke Briefing: October 30, 2025

[SMM Coal and Coke Daily Briefing]

Coking coal market:

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

Raw material fundamentals, environmental protection and safety inspections at coal mines were strict, making production increases difficult, and coke enterprises initiated a third round of price increases, stimulating market sentiment for coke. Downstream purchasing enthusiasm improved slightly, and coking coal prices may hold up well in the short term.

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.

Supply side, coking costs continued to increase slightly, with most coke enterprises having poor profits, and some even operating at a loss, limiting room for coke production increases. Additionally, coke enterprises experienced smooth shipments, and their coke inventories generally remained low. Demand side, hot metal production at steel mills in Hebei declined, and short-term environmental protection-driven production restrictions led to weaker coke demand. However, steel prices rebounded, profits recovered, and some steel mills had low coke inventories, leading to an increase in coke purchases. In summary, market bullish sentiment increased, with most coke enterprises having already initiated a third round of price increases for coke, and the coke market may be generally stable with a slight rise in the short term.[SMM Steel]