[SMM Coal and Coke Daily Briefing] 20251203

Published: Dec 3, 2025 17:08

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[Coal and Coke Daily Brief] Supply side, coke enterprises currently maintain moderate profits with no decline in production enthusiasm, keeping coke supply at high levels. However, market expectations are cooling, leading to sluggish shipments and increasing sales pressure for coke producers. Demand side, steel mill maintenance activities continue to rise, while sales pressure for finished products remains unchanged. Market pessimism persists, reducing buyers’ enthusiasm for coke procurement. Overall, the coke supply situation remains loose, and the coke market is expected to continue operating weakly.

[SMM Daily Coal & Coke Brief]

Coking coal market:

Low-sulphur coking coal in Linfen is offered at 1,580 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,530 yuan/mt.

Fundamentally, mines that previously cut production are gradually resuming operations, while some mines are reducing output due to safety concerns, leading to limited overall supply growth. However, downstream procurement remains cautious, with transaction prices dropping slightly in online auctions and some lots failing to sell. In the short term, coking coal prices still have room to decline.

Coke market:

The nationwide average price for first-grade metallurgical coke (dry quenching) is 1,900 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (dry quenching) is 1,760 yuan/mt. The nationwide average price for first-grade metallurgical coke (wet quenching) is 1,540 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke (wet quenching) is 1,450 yuan/mt.

Supply side, coke producers' profits are moderate, and their enthusiasm for production has not declined, keeping coke supply at high levels. However, market expectations are cooling, with coke companies facing sluggish sales and increasing pressure. Demand side, maintenance at steel mills is rising, and sales pressure for finished products remains unchanged, keeping market pessimism strong and reducing procurement enthusiasm for coke. Overall, the coke supply situation remains loose, and the market is expected to stay in the doldrums.[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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