[SMM Coal and Coke Daily Brief] 20260120

[SMM Daily Coking Coal and Coke Brief Review]

Coking Coal Market:

Low-sulphur coking coal in Linfen was offered at 1,630 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.

Raw material fundamentals, mine safety inspections were strict, production saw a slight decrease, downstream winter stockpiling and restocking demand gradually released, mine order signing volume increased, market sentiment was relatively optimistic, online auction prices were stable with some increases, coking coal prices this week may hold up well.

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, production willingness declined somewhat, but downstream purchase enthusiasm was moderate, coke enterprises' coke inventory gradually destocked. Demand side, steel mill hot metal production pulled back somewhat, procurement enthusiasm for coke decreased, coupled with recent coke inventory at steel mills mostly at reasonable levels, limited room for further inventory increases. Overall, coke supply and demand tended towards balance, the coke market in the short term may operate stably for now, the first round increase will be delayed.[SMM Steel]