[SMM Coking Coal Daily Briefing] 20251119

[SMM Coal and Coke Daily Briefing]

Coking coal market:

Low-sulphur coking coal in Linfen was offered at 1,710 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,650 yuan/mt.

Raw material fundamentals, coking coal production at mines has limited room for increase, coking coal supply remains tight, market sentiment has cooled somewhat, downstream purchasing enthusiasm has weakened, failed online auctions have increased, transactions for high-priced coal types are not optimistic, but mines have previous orders, short-term coking coal prices may hold steady.

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 profitability has improved, coupled with the lifting of environmental protection policies in some regions, coke plant operations have stabilized with some increases, coke production has risen, currently coke plant shipments are smooth, their own coke inventory remains low. Demand side, daily average hot metal production at steel mills fluctuates at highs, rigid demand for coke support still exists, but steel profitability is poor, and their own plant coke inventory is at a medium level, steel mills primarily purchase as needed. In summary, coke prices face difficulty moving either up or down, the short-term coke market may operate steadily.