[SMM Coking Coal and Coke Daily Brief Review] 20260323

[SMM Daily Brief Review of Coking Coal and Coke]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 1,460 yuan/mt. Tangshan low-sulphur coking coal was quoted at 1,490 yuan/mt.

Coking coal side, mines maintained normal production, and coking coal production increased steadily. Market sentiment continued to improve, downstream procurement demand increased, overall order signing at mines improved significantly, and coking coal inventory was depleted rapidly. In addition, some mines had a relatively large number of presale orders, further boosting market confidence. Coking coal prices may hold up well in the short term.

Coke market:

The nationwide average price of first-grade metallurgical coke, coke dry quenching, was 1,735 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke, coke dry quenching, was 1,595 yuan/mt. The nationwide average price of first-grade metallurgical coke, wet quenching, was 1,390 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke, wet quenching, was 1,300 yuan/mt.

On the news front, coke producers in multiple regions launched an increase in coke prices, raising wet-quenched coke by 50 yuan/mt and dry-quenched coke by 55 yuan/mt, effective from 00:00 on March 25. In terms of supply, coking costs increased and losses at coke producers widened, but thanks to rising prices of chemical by-products, coke producers nationwide were not actually operating at a loss at present. Most coke producers showed moderate enthusiasm for production, and coke supply rose steadily. Demand side, steel mills in north China resumed production one after another, the daily average hot metal production at steel mills increased, rigid demand for coke increased, and this in turn boosted procurement enthusiasm for coke. In summary, stronger cost support for coke, together with improved procurement enthusiasm from steel mills, improved market sentiment and further strengthened bullish expectations. The coke market is expected to hold up well this week, and the first round of coke price increases is expected to be implemented.[SMM Steel]