[SMM Coal and Coke Daily Briefing] December 9, 2025

[SMM Coal and Coke Daily 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, mine production recovered slowly, and the overall increase in coking coal supply was limited. Recently, after price cuts, mine shipments improved, but market sentiment was weak. End-users mainly made just-in-time procurement, speculative sentiment cooled, and auctions saw many failed lots, leading to varying degrees of price cuts in mine offers. Overall, coking coal prices still had room for further declines.

Coke market:

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

Supply side, costs continued to pull back, and coke enterprises still had certain profits after the coke price decline. Coke plant operating rates continued to rise, and coke production grew steadily. Demand side, daily average hot metal output at steel mills continued to decline, and end-use consumption demand was average. Most steel mills saw intensified losses, and steel mill production cut and maintenance plans increased further. Overall procurement demand for coke was in a downward phase, with just-in-time procurement being the main approach. Overall, coke prices were expected to start the second round of reductions this week, and the coke market was likely to operate generally stable with slight fall in the short term.[SMM Steel]