[SMM Survey Daily Briefing on Coal and Coke] October 31, 2025

[SMM Coal and Coke Daily Briefing]

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, production at mines exceeding quotas remains restricted, making it difficult for coking coal supply to be released. Coupled with the recent recovery in downstream demand, low mine inventory, and a favorable market trading atmosphere, online auction prices are also predominantly rising. Coking coal prices are expected to increase further next week.

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.

In terms of news, mainstream coke enterprises have initiated the third round of coke price increases, but as of Friday afternoon, no steel mills had responded. In terms of supply, some coke enterprises, affected by losses and environmental protection, have seen reduced production enthusiasm, leading to a contraction in coke output, and supply may continue to tighten. Demand side, environmental protection-driven production restrictions in Hebei have been lifted, and hot metal output is expected to recover next week. Some steel mills with low inventory are urging deliveries, indicating strong rigid demand for coke. In summary, the coke supply-demand fundamentals are relatively tight, and the third round of coke price increases is strongly expected to be implemented next week.[SMM Steel]