[SMM Coking Coal and Coke Daily Briefing] 20260126

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

The low-sulphur coking coal offer in Linfen was 1,650 yuan/mt. The low-sulphur coking coal offer in Tangshan was 1,450 yuan/mt.

Fundamentals for raw material, mines maintained normal production, coking coal supply was released in an orderly manner, downstream winter stockpiling basically ended, market procurement pace slowed down, coupled with an increase in failed online auctions recently, prices of some coal varieties adjusted narrowly. However, mine pre-sale orders were moderate, sales pressure was relatively small, short-term coking coal prices are expected to remain stable.

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, coke enterprises were generally in a loss-making state, and the first round of coke price increase was hindered, production enthusiasm was suppressed, individual coke enterprises planned production cuts due to losses, coke supply had tightening expectations. Demand side, end-use demand for finished steel lacked significant improvement, steel mill hot metal increments were limited, steel mills were relatively cautious in coke procurement sentiment, and their own coke inventory was mostly at medium to high levels, subsequent coke purchasing will mainly be as needed. In summary, steel mills had insufficient willingness to accept coke price increases, the coke-steel game continued, the coke market this week was expected to operate steadily.