[SMM Daily Coking Coal Market Review] November 3, 2025

Published: Nov 3, 2025 17:20

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[SMM Coal and Coke Daily Brief] Supply side, coke producers' losses have improved, but rising raw material prices continue to constrain production, with expectations of output cuts remaining, making it difficult to increase coke supply. Demand side, recent steel price increases and the recovery of blast furnace hot metal output have maintained rigid demand for coke, with some low-inventory steel mills showing strong willingness to build stocks. Overall, market sentiment is largely bullish, and the third round of price increases is likely to be implemented; the coke market is expected to hold up well in the short term, generally stable with a slight rise.

[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.

In terms of raw material fundamentals, coking coal supply showed no significant increase, and coking coal inventory at coke and steel enterprises remained at a low level, with restocking demand still present. Mine inventory was shifting downstream, coupled with positive market sentiment. Online auctions generally saw good transaction performance, with only a few high-priced coal types experiencing failed auctions. Short-term coking coal prices are expected to rise.

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, losses at coke enterprises improved somewhat, but rising raw material prices constrained coke plant operations, with production cuts still expected, making it difficult for coke supply to increase. Demand side, recent steel prices rose, and blast furnace hot metal at steel mills recovered somewhat, maintaining rigid demand for coke. Some steel mills with low inventory showed strong willingness to build stocks. In summary, market sentiment is largely bullish, and the implementation of the third round of increases is highly probable. The short-term coke market is expected to operate generally stable with a slight rise.[SMM Steel]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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