[SMM Coking Coal and Coke Daily Brief] 20260723

[SMM Coking Coal & Coke Daily Review]

Coking Coal Market:

The quotation for low-sulphur coking coal in Linfen was 2,020 yuan/mt.

Coking coal, safety inspections at coal mines maintained a high-pressure posture, and the pace of production resumptions at halted mines was slow. However, the first round of coke price cuts was implemented, leading to increased wait-and-see sentiment in the coking coal market. The trading atmosphere was sluggish, mines signed few new orders, and failed auctions were still quite common in online bidding. But affected by new coal mine safety regulations, the market generally believed there was pressure on coal supply guarantees. In the short term, coking coal prices may remain in the doldrums.

Coke Market:

The nationwide average price of quasi-first-grade metallurgical coke (dry-quenched) was 2,035 yuan/mt.

Supply side, the first round of coke price cuts was implemented, and most coke enterprises suffered losses. However, coking coal prices were expected to decline, and currently, coke enterprises maintained stable operations. Additionally, the pace of coke shipments slowed down, and coke inventories at plants further accumulated. Demand side, end-use demand remained weak, steel mills increased blast furnace maintenance plans, maintained a cautious stance toward coke procurement, and controlled the pace of coke arrivals. In summary, the coke supply-demand structure further loosened, and in the short term, the coke market may remain in the doldrums, with expectations of a second round of price cuts. [SMM Steel]