[SMM Daily Brief Review of Coking Coal and Coke] 20260325

[SMM Daily Brief Review on 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 1,560 yuan/mt.

Coking coal, mines maintained normal production, with ample supply. Recently, market sentiment was relatively positive, with no failed transactions in recent online auctions for coking coal, and most deals were concluded at premiums. In addition, mine inventory declined, while downstream buyers continued to purchase, so coking coal is expected to continue testing higher prices in the short term.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,735 yuan/mt. The nationwide average price of quasi-first-grade metallurgical 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.

In terms of supply, costs remained high, and most coke producers saw widening losses and began to push for a coke price hike, but losses remained within an acceptable range, and production stayed stable. Demand side, steel trading improved somewhat, steel mills became more willing to produce, and daily average hot metal production continued to increase, further boosting rigid demand for coke. In summary, coke fundamentals turned tighter, but steel mills showed only average acceptance of higher coke prices, and the coke market is likely to remain generally stable with slight rise in the short term. [SMM Steel]