[SMM Coking Coal and Coke Daily Brief] 20260521

[SMM Coking Coal & Coke Daily Brief]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 1,600 yuan/mt. Tangshan low-sulphur coking coal was quoted at 1,630 yuan/mt.

Coking coal side, coal mine production remained stable with no significant fluctuations in output. Market sentiment cooled slightly, with most coal mines reporting mediocre sales. Downstream wait-and-see sentiment was strong, purchase enthusiasm weakened, and online auction results showed mixed performance with a higher unsold rate. In the short term, the coking coal market may remain in the doldrums.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,845 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,705 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) was 1,490 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet quenching) was 1,400 yuan/mt.

In terms of supply, coke producers still maintained profits with overall stable production, primarily focused on active shipments, but downstream purchase enthusiasm declined, and coke inventory at some coke producers accumulated. Demand side, daily average hot metal production at steel mills remained at high levels, sustaining rigid demand for coke. However, steel prices fluctuated downward, steel mill profits contracted, and production enthusiasm at steel mills was suppressed. In summary, the tight fundamentals of coke eased somewhat, and finished steel prices were under pressure. Steel mills showed low willingness to accept the fourth round of coke price increase. In the short term, the coke market may remain stable for now. [SMM Steel]