[SMM Coal and Coke Daily Briefing] December 25, 2025

[SMM Daily Coal and Coke Brief]

Coking Coal Market:

Low-sulphur coking coal in Linfen was offered at 1,600 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,480 yuan/mt.

In terms of raw material fundamentals, some mines have completed their annual production targets and are gradually halting operations, leading to limited release of coking coal supply. However, downstream buyers hold a wait-and-see attitude towards the future market and are purchasing cautiously. Shipments of some coal types slowed down, and online auctions mainly ended in no-sales or price reductions. High-priced resources faced weak transactions. In the short term, coking coal prices are expected to remain in the doldrums.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,350 yuan/mt.

Supply side, some coking coal prices continued to fall, continuously improving coke plant profits, but most coke enterprises remained in a loss-making state, leading to decreased production enthusiasm and tightening coke supply. Coke plant shipments slowed down, and coke inventory continued to accumulate. Demand side, blast furnace maintenance increased, steel mill hot metal production continued to decline, and steel mills adopted a cautious attitude towards coke procurement. Additionally, with the coke market in a downward trend and their own coke inventory at a reasonable level, there were instances of controlling arrivals. In summary, market sentiment remains bearish. In the short term, the coke market may operate generally stable with a slight fall, and a fourth round of coke price reductions cannot be ruled out.[SMM Steel]