[SMM Coking Coal and Coke Daily Brief]
Coking Coal Market:
Linfen low-sulphur coking coal was quoted at 2050 yuan/mt.
Coking coal side, mine production disruptions were frequent, and resumptions at previously idled mines remained slow, limiting coking coal supply increments. The ninth round of coke price hikes was expected to take effect, and with miner inventories relatively low, quotations for high-quality coal remained firm. However, fear of high prices sentiment heated up, transactions for high-priced coal weakened, and recently, coal enterprises' auction prices dropped and unsold lots increased. The market generally held a cautious wait-and-see sentiment.
Coke Market:
The nationwide average price of quasi-first-grade dry-quenched metallurgical coke was 2035 yuan/mt.
Supply side, some coal prices pulled back slightly, but key coal prices remained firm, and most coal types were still at high levels. Coke enterprises' cost pressure was hard to ease, profit improvements were limited, and currently, coking operations were stable, with enterprises generally actively selling. Demand side, daily average hot metal output stayed high, and blast furnace operations at steel mills were stable, rigidly supporting coke demand. However, steel prices fell steadily, steel mill profits were under pressure, and some mills had expectations for production cuts. In summary, the tight supply-demand balance was hard to change in the short term, with market conditions having ample support. The market continued to hold up well, and expectations for the ninth round of coke price hikes to take effect were strong. [SMM Steel]
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