[SMM Coking Coal and Coke Daily Brief] 20260914

[SMM Daily Review on Coking Coal and Coke]

Coking coal market:

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

For coking coal, constrained by rigid requirements such as high-pressure safety compliance, most coal mines were forced to maintain low-load operations, making it difficult to quickly ramp up supply. However, affected by the recent cooling of market sentiment, some traders chose to sell at slight discounts, increasing the availability of spot cargo in the market. The rate of failed bids for high-priced online auction resources rose, weakening the upward momentum of coking coal prices. In the short term, the coking coal market is likely to stabilize at highs.

Coke market:

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

In terms of supply, after the fifth round of coke price hikes took effect, most coke producers remained loss-making, but downstream purchases were active, coke producers saw smooth shipments, and their inventories continued to decline. On the demand side, steel prices fell steadily while costs stayed high, pushing most steel mills into losses and increasing their resistance to coke price hikes. Some steel mills with severe losses were even preparing for blast furnace maintenance. In summary, market confidence weakened somewhat, steel mills' acceptance of coke price hikes dropped significantly, and the risk of negative market feedback gradually accumulated. In the short term, the coke market is likely to consolidate on a strong note. [SMM Steel]