[SMM Coking Coal and Coke Daily Brief] 20260911

[SMM Daily Review on Coking Coal and Coke]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 2,620 yuan/mt.

In terms of coking coal, Shanxi coking coal production remained at a low level. Constrained by high-pressure safety compliance requirements, previous overproduction, and underground production conditions, operations were generally maintained at low capacity. Coking coal supply remained tight, but high coal prices continued to squeeze industry chain profits. Overall profitability of coke and steel enterprises remained weak, downstream purchasing sentiment was cautious, willingness to proactively increase purchase volumes was insufficient, and resistance to high-priced coal was evident. In the short term, the coke market may consolidate on a strong note.

Coke market:

The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 2,420 yuan/mt.

In terms of supply, the coke supply side was overall tight. Persistent losses at coke enterprises suppressed production enthusiasm, while sales at coke enterprises were relatively good and their own coke inventories continued to destock. In terms of demand, downstream steel mills still had rigid demand for coke, but their own losses led to declining acceptance of high-priced coke. Currently, steel mill coke inventories remained at low levels, and to ensure production continuity, they were forced to restock. Overall, steel mills still needed to purchase and restock under the influence of low inventories and rigid demand, and cost support remained in place. Next week, coke prices still have the possibility of further increases. [SMM Steel]