[SMM Coking Coal and Coke Daily Brief] 20260923

[SMM Daily Review on Coking Coal and Coke]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 2,510 yuan/mt.

In coking coal, three government departments jointly issued a notice on ensuring safe and stable coal production and supply. Market expectations for supply recovery have strengthened, but actual growth still needs time to materialize. In the short term, room for coal mines to ramp up production remains limited, and the tight supply situation has not yet improved substantially. Coking coal prices may consolidate on a subdued note in the near term.

Coke market:

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

In terms of supply, losses narrowed, and some coke producers have initiated production ramp-up plans. However, constrained by firm costs, supply release has been slow, with only a few coke producers resuming production modestly while most maintained production restrictions. Meanwhile, coke sales were moderate, and in-factory inventory continued to pull back. On the demand side, hot metal production at steel mills fluctuated at highs, sustaining rigid coke consumption. Steel mill coke inventories remained at low levels, and pre-holiday restocking demand objectively existed. However, before steel mill profits recover, restocking intensity will be significantly constrained. Overall, bullish and bearish forces are balanced, and the first round of coke price cuts is brewing. [SMM Steel]