[SMM Coking Coal and Coke Daily Brief] 20260710

[SMM Daily Brief on Coking Coal and Coke]

Coking Coal Market:

Linfen low-sulphur coking coal is quoted at 2,020 yuan/mt.

Coking coal side, the number of suspended mines in Shanxi remains high and production resumptions are slow, making it difficult to release coking coal output. Mine inventory pressure is not yet obvious, and mine quotations remain stable. However, high-priced resources have recently dampened downstream purchasing enthusiasm, and end-use demand is weak, with overall market sentiment leaning toward a wait-and-see approach.

Coke Market:

The nationwide average price of quasi-first-grade metallurgical coke (dry quenched) is 2,090 yuan/mt.

Supply side, coke producers' overall margins have slightly recovered, with most operating at marginal profit and stable output. Meanwhile, traders are showing height-fear sentiment and actively selling, further increasing coke supply. Demand side, current blast furnace operating rates at steel mills remain high, and there is still some resilience in rigid demand for coke. However, as the steel off-season impact intensifies, steel transaction performance is sluggish, and multiple steel mills are successively announcing blast furnace maintenance plans, leading to weaker hot metal output. Consequently, coke purchasing momentum has slowed somewhat, with some mills starting to control procurement volumes. In summary, coke fundamentals are weakening, and the coke market may stay stable in the short term. [SMM Steel]