SHANGHAI, Aug 29 (SMM) –
Coking coal market:
In areas such as Gujiao in Taiyuan, Shanxi and Lingshi in Jinzhong, coal mines have not yet resumed production. Due to strict safety inspections, coking coal supply has decreased. In other areas, production is normal, and with the resumption of production at previously shut-down coal mines, the overall supply of coking coal has increased. The coking coal market is weak, with mediocre coal mine shipments and persistent online auction failures, resulting in price drop. Prices of some coal types have experienced larger declines. Given the evident intention of coal mines to keep prices firm, the short-term decline in coking coal prices will be limited.
Coke market:
In terms of fundamentals, the first round of coke price reductions has been gradually implemented, but with coking coal prices continuing to decline, coke enterprises’ profitability has somehow recovered, and production enthusiasm remains high, resulting in active shipments and low coke inventories in the coking plants. Steel mills maintain high molten iron production, indicating a strong demand for coke, and some steel mills with low inventories are still replenishing stocks.
Overall, in the short term, there is still some support for coke demand, but steel mills’ willingness to lower prices persists. In addition, steel mills' coke inventories have reached a reasonable level, leading to a stable but relatively weak market for coke in the short term.
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