[SMM Coal and Coke Daily Briefing] December 4, 2025

[SMM Daily Coal and Coke Brief]

Coking Coal Market:

Low-sulphur coking coal in Linfen is offered at 1,500 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,530 yuan/mt.

Raw material fundamentals, mines gradually resume production, coking coal supply increases, some mines see inventory accumulation and weak sales. Recently, many online auctions have failed, downstream purchases cautiously, short-term coking coal market still has bearish expectations.

Coke Market:

Nationwide average price for first-grade metallurgical coke - dry quench is 1,900 yuan/mt. Nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,760 yuan/mt. Nationwide average price for first-grade metallurgical coke - wet quench is 1,540 yuan/mt. Nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,450 yuan/mt.

Supply side, coke enterprises still have good profitability, production enthusiasm is moderate, coke production is stable with a slight increase. However, some coke enterprises see a slight reduction in coke production due to environmental protection impacts, and downstream steel mills' procurement pace slows down, sales resistance for coke enterprises gradually appears. Demand side, as steel mills restocked heavily earlier, most have replenished to reasonable levels, slowing coke procurement, coupled with weak steel demand, steel mill shutdowns for maintenance increase, reducing rigid demand for coke. In summary, the short-term coke market may be in the doldrums.[SMM Steel]