[SMM Coking Coal and Coke Daily Brief Commentary] 20260306

[SMM Coking Coal and Coke Daily Brief Commentary]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,570 yuan/mt. Low-sulphur coking coal in Tangshan was quoted at 1,450 yuan/mt.

Coking coal, most mines have resumed normal production, with capacity and production continuing to be released, making coking coal supply looser. However, the pace of downstream demand recovery is relatively slow, and some mines have seen inventory buildup. Coking coal prices are still expected to edge down next week.

Coke market:

The nationwide average price of first-grade metallurgical coke—CDQ was 1,790 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke—CDQ was 1,650 yuan/mt. The nationwide average price of first-grade metallurgical coke—wet quenching was 1,440 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke—wet quenching was 1,350 yuan/mt.

In terms of supply, the first round of coke price cuts has been implemented, losses at coke producers have widened, dampening their production enthusiasm. Coke supply is expected to tighten slightly, but coke producers have seen inventory buildup, and supply remains loose for now. Demand side, the Two Sessions have already convened, and some steel mills have carried out blast furnace maintenance, with daily average hot metal output declining, weakening rigid demand for coke. Meanwhile, after the first round of coke price cuts, steel mill profits remain poor, and they still intend to push for lower prices. Overall, the coke market may remain generally stable with slight fall. After the first round of proposed cuts was implemented, a second round of price cuts is still expected. [SMM Steel]