[SMM Coal and Coke Daily Briefing] 20251106

Published: Nov 6, 2025 17:15

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[SMM Coal and Coke Daily Brief] Supply side, the third round of coke price increases has been fully implemented, and coke plant profits have recovered. However, coking coal prices continue to rise, suppressing the willingness of coke plants to ramp up production, with some plants expected to intensify production restrictions. Demand side, environmental protection-driven production restrictions in Tangshan have ended, and daily average hot metal production has rebounded slightly, leading to increased coke demand. Some steel mills with medium to low inventory are actively restocking. Overall, supported by costs, the coke market is expected to hold up well, but further price increases will face greater difficulty.

[SMM Coal and Coke Daily Brief]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen is 1,610 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,620 yuan/mt.

Fundamentally for raw materials, mines face difficulties in capacity release due to regular safety and environmental protection inspections. This is compounded by the fact that major mines in Shandong have received tasks to increase reserves, intensifying the tight supply situation for coking coal. The coking coal market continues its strong pattern, with low bid failure rates in online auctions, leading to optimistic sentiment among mines. Coking coal prices are expected to continue increasing.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quench is 1,900 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,760 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,540 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,450 yuan/mt.

Supply side, the third round of coke price increases has been fully implemented, leading to improved profits for coke enterprises. However, continued rising coking coal prices are suppressing the enthusiasm of coke enterprises to increase production, with some enterprises expected to implement larger production restrictions. Demand side, environmental protection-driven production restrictions in Tangshan have ended, and daily average hot metal production has seen a slight rebound, increasing demand for coke. Some steel mills with medium to low inventory are showing high enthusiasm for restocking. In summary, supported by costs, the coke market is expected to hold up well, but the difficulty of further price increases has grown.

[SMM Steel]

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