[SMM Survey Coal and Coke Daily Brief] 20260108

[SMM Coal and Coke Daily Briefing]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen is 1,500 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,480 yuan/mt.

Raw material fundamentals, mines maintain a normal production pace, and coking coal supply is gradually increasing. Downstream purchasing is primarily as needed, mine order signing is sluggish, high-priced coal varieties are difficult to sell, offers are being successively lowered, online auction transaction prices have declined with poor transaction performance, and market wait-and-see sentiment is strong. In the short term, coking coal prices may operate in the doldrums.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quench is 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench is 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench is 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench is 1,300 yuan/mt.

Supply side, overall production levels at coke enterprises are temporarily stable, with individual enterprises implementing slight production restrictions due to severe losses. Coke enterprises are actively shipping, and coke dispatch is smooth, with market sentiment showing some recovery. Demand side, steel mill profits have been repaired, and some mills have completed maintenance and begun production resumptions. Daily average hot metal output is gradually increasing, creating rigid demand for coke. In summary, cost support is not solid, demand performance is average, and there remains an expectation for a fifth round of coke price declines. In the short term, the coke market may operate in the doldrums.[SMM Steel]