[SMM Coking Coal Coke Daily Brief] 20260129

[SMM Coking Coal and Coke Daily Briefing]

Coking Coal Market:

Low-sulphur coking coal in Linfen is offered at 1,650 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,450 yuan/mt.

In terms of raw material fundamentals, some mines have suspended production due to recent accidents, tightening coking coal supply. While most mines are operating normally and downstream still holds some restocking expectations, supporting coking coal prices, poor downstream profits have led to cautious purchasing of high-priced coal varieties. Online auction transaction prices have seen minor adjustments downward, and market sentiment has weakened somewhat. Overall, coking coal prices are likely to hold steady in the short term.

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, some coking plants have implemented minor production cuts due to losses and environmental protection inspections, while the majority maintain normal production, resulting in relatively stable coke supply. Demand side, recent rain and snow have affected road transportation, increasing purchasing enthusiasm for some steel mills with low inventory. Most other steel mills already have coke inventory at reasonable levels and primarily purchase as needed. Overall, coke costs provide strong support, and coking plants are reducing output due to losses. The coke market is expected to hold up well in the short term, with the first round of coke price increases likely to be implemented on Friday.[SMM Steel]