[SMM Survey] Daily Coking Coal Brief Review: November 20, 2025

Published: Nov 20, 2025 17:10

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[SMM Coal and Coke Daily Brief] In terms of supply, coke producers' profits have recovered, production enthusiasm has improved somewhat, a few coke plants have slightly increased output, the previously tight supply situation has eased compared to earlier periods, coke producers are actively shipping products, and inventories remain low. Demand side, some steel mills have resumed blast furnace production, daily average hot metal output is relatively high, steel mills have rigid demand for coke, but due to poor profitability, mediocre finished product sales, and their coke inventory having increased to a reasonable range, procurement pace for coke has slowed down. In summary, the coke market may remain stable in the short term.

[SMM Daily Coal and Coke 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, environmental protection and safety inspections were conducted simultaneously, the number of mines resuming production was limited, coking coal supply increase was not significant, restocking by coke and steel enterprises concluded, procurement turned cautious, transaction atmosphere cooled, online auction failure rates rose, some high-priced mines faced order signing difficulties, short-term coking coal prices may adjust temporarily, without sharp declines for now.

Coke Market:

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

Supply side, coke enterprises saw profit recovery, production enthusiasm improved somewhat, a few coke plants implemented slight production increases, the previously tight supply situation eased compared to earlier, coke enterprises shipped actively, inventory remained low. Demand side, some steel mills resumed blast furnace operations, daily average hot metal output was high, steel mills had rigid demand for coke, but mill profitability was poor, finished steel sales were average, and their own coke inventory rose to a reasonable range, leading to a slowdown in coke procurement pace. In summary, the short-term coke market may operate steadily.[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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