[SMM Daily Brief Review of Coking Coal and Coke] 20260324

[SMM Daily Brief Review on Coking Coal and Coke]

Coking Coal Market:

Linfen low-sulphur coking coal was quoted at 1,460 yuan/mt. Tangshan low-sulphur coking coal was quoted at 1,560 yuan/mt.

Coking coal, mine production was relatively stable and supply was ample. Recently, mine shipments improved, inventory pressure eased somewhat, and end-use demand increased steadily. Coking coal prices may continue to edge higher this week.

Coke Market:

The nationwide average price of first-grade metallurgical coke (dry-quenched) was 1,735 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry-quenched) was 1,595 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet-quenched) was 1,390 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet-quenched) was 1,300 yuan/mt.

In terms of supply, cost support for coke has strengthened recently, which also led to losses at coke producers. Most coke producers launched the first round of price increases, and downstream procurement demand was currently solid, with smooth shipments from coke producers. In terms of demand, affected by market sentiment, finished steel prices continued to improve, steel mill profits recovered, stimulating steel mills' production enthusiasm, increasing rigid demand for coke and raising procurement willingness. In summary, coke fundamentals have shifted toward a tight balance. In the short term, the coke market may hold up well, and the first round of coke price increases is expected to be implemented. [SMM Steel]