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

[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]