[SMM Daily Coking Coal and Coke Briefing]
Coking Coal Market:
The offer price for low-sulphur coking coal in Linfen was 1,630 yuan/mt. The offer price for low-sulphur coking coal in Tangshan was 1,450 yuan/mt.
In terms of raw material fundamentals, mine safety inspections were strict, leading to a slight decrease in production. Downstream winter stockpiling and restocking demand was gradually released, mine order signing increased, and market sentiment was relatively optimistic. Online auction prices were stable with slight increases. Coking coal prices were expected to hold up well or be generally stable with a slight rise this week.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quenching was 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,300 yuan/mt.
Supply side, recent losses at coke enterprises increased pressure, leading to a decline in production willingness; however, downstream purchase enthusiasm was moderate, and coke enterprises gradually destocked coke. Demand side, hot metal production at steel mills pulled back, reducing their enthusiasm for coke procurement. Additionally, recent coke inventory levels at most steel mills were reasonable, leaving limited room for further inventory increases. Overall, the coke supply-demand balance tended towards equilibrium. The coke market was expected to operate steadily in the short term, with the first round of increases being delayed.
