[SMM Coal and Coke Daily Briefing] 20251118

[SMM Daily Coal & Coke Brief Review]

Coking Coal Market:

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

In terms of raw material fundamentals, mines operated normally with strict safety inspections, keeping coking coal supply relatively tight. Downstream buyers showed resistance to some high-priced coal varieties and adopted a cautious procurement approach. Online auctions showed mixed performance. In the short term, coking coal prices are expected to remain stable.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,955 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,815 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,590 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,500 yuan/mt.

Supply side, coke plant profits recovered somewhat, leading to increased production enthusiasm and an increase in coke supply. Currently, coke plants are actively shipping, keeping coke inventory at low levels. Demand side, blast furnace maintenance at steel mills increased this week, reducing the just-in-time demand for coke. Coupled with weak sales in the end-user finished products market, steel mill profits narrowed further, leading them to primarily make just-in-time procurement for coke. In summary, the coke market is expected to remain stable in the short term.[SMM Steel]