[SMM Survey Daily Brief] 20260106

[SMM Coal and Coke Daily Brief]

Coking coal market:

Linfen low-sulphur coking coal offered at 1,500 yuan/mt. Tangshan low-sulphur coking coal offered at 1,480 yuan/mt.

Fundamentals, after New Year's Day, most coal mines resumed normal production, supply improved. However, recent market sentiment remains sluggish, coal mine new orders decreased, downstream acceptance of current coking coal prices is limited, short-term coking coal prices still have room for adjustment.

Coke market:

First-grade metallurgical coke-dry quenching nationwide average price 1,735 yuan/mt. Quasi-first-grade metallurgical coke-dry quenching nationwide average price 1,595 yuan/mt. First-grade metallurgical coke-wet quenching nationwide average price 1,390 yuan/mt. Quasi-first-grade metallurgical coke-wet quenching nationwide average price 1,300 yuan/mt.

Supply side, coking enterprises are in a loss-making state, with varying degrees of production restrictions, coke production slightly decreased. Demand side, after four rounds of coke price cuts, steel mill profits have recovered somewhat, some steel mills have production resumption plans, increasing rigid demand for coke, but steel prices remain under pressure, and their own coke inventory is at a reasonable level, still purchasing coke as needed, some high-inventory steel mills have strong intentions to suppress coke prices. In summary, the short-term coke market may operate weakly, with expectations of further price declines.[SMM Steel]