[SMM Coal and Coke Daily Briefing] November 14, 2025

[SMM Daily Coking Coal and Coke Review]

Coking Coal Market:

The quoted price for low-sulphur coking coal in Linfen is 1,710 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is 1,620 yuan/mt.

Fundamentals for raw materials, winter safety inspections at coal mines have become stricter, with some mines having low inventory levels and limited supply increases. However, the pace of restocking downstream has slowed down, market sentiment for rising prices has weakened, online auctions show mixed performance, and the number of failed auctions has increased. Currently, most coal mines have seen their inventory drop to medium-low levels, and with pre-sold orders, this can support coking coal prices. In the short term, coking coal prices are expected to remain generally stable.

Coke Market:

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

In terms of news, mainstream steel mills in Hebei and Shandong have accepted the fourth round of coke price increases, with the increase ranging from 50-55 yuan/mt, effective from 00:00 on November 15. Supply side, coking costs continue to rise, losses at coke enterprises have widened, and there are plans to increase production restrictions. Coke production at these enterprises has slightly decreased, but shipments are smooth, and there is no immediate inventory pressure. Demand side, steel prices are fluctuating downward, losses at steel mills have intensified, and some mills have increased blast furnace maintenance, leading to a decrease in coke demand and a focus on purchasing as needed. In summary, cost support is strong, and the fourth round of coke price increases is expected to be implemented. However, with both supply and demand for coke being weak, further price increases will be difficult. The coke market may hold up well in the near future.[SMM Steel]