[SMM Coal and Coke Daily Brief] 20251124

[SMM Daily Coking Coal and Coke Brief]

Coking Coal Market:

The quoted price for low-sulphur coking coal in Linfen is 1,670 yuan/mt. The quoted price for low-sulphur coking coal in Tangshan is 1,650 yuan/mt.

Fundamentals of raw materials: Some mines have reduced production due to safety inspections, leading to a certain contraction in coking coal supply. Inventory pressure at mines is not yet significant. However, downstream buyers remain cautious. Order signing at mines is moderate, and the pace of shipments has slowed. Prices of some high-grade coal types are under pressure, while prices of other coal types remain stable for now.

Coke Market:

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

Supply side, coking plants' coal input costs have decreased, with most coking plants maintaining profitability. Production enthusiasm is moderate, and coke production is stable with a slight increase. Demand side, finished steel destocking is poor, and steel mills are in a state of low profit or even losses, resulting in average production enthusiasm. After active transportation, most steel mills' coke inventory has reached safe levels, and subsequent purchasing will shift to purchasing as needed. In summary, the coke supply-demand structure has shifted from tight to a weak balance. In the short term, the coke market is expected to operate steadily.[SMM Steel]