[SMM Coal and Coke Daily Briefing] December 5, 2025

[SMM Daily Coal and Coke Briefing]

Coking Coal Market:

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

Raw material fundamentals, production resumptions at mines that previously halted or cut production were slow, supply release was limited. However, downstream maintained just-in-time procurement for coking coal, many adopted a wait-and-see stance, mines faced shipment pressure, online auction transactions were still predominantly lower, market sentiment continued to weaken. Short-term, coking coal prices are expected to fall further.

Coke Market:

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

In terms of supply, after the first round of coke price cuts, coking coal prices also fell, repairing coke plant profits, operating rates remained high, coke supply increased, downstream purchase enthusiasm declined, coke plants experienced passive inventory buildup. Demand side, steel mills currently have further production cuts and maintenance plans, intending to use this opportunity to pressure the raw material side, attempting to initiate a second round of price cuts for coke. Therefore, steel mills slowed down their procurement pace for coke, mostly making just-in-time procurement. In summary, the short-term coke market may continue in the doldrums, with expectations for a second round of price cuts.[SMM Steel]