[SMM Coking Coal and Coke Daily Brief Review] 20260310

[SMM Coking Coal and Coke Daily 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 side, mine production basically returned to normal, with relatively ample supply. Some mines with inventory buildup had room for slight price concessions to promote sales. In addition, futures started to pull back today, weakening sentiment support. In the short term, coking coal prices may remain in the doldrums.

Coke market:

The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,790 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) 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, most coke producers were in a loss-making state, and some had inventory buildup, which continued to suppress their production enthusiasm, leading to a slight decline in coke oven operating rates. Demand side, steel mill coke inventory was at a reasonable level, and steel mills still mainly purchased as needed. Some steel mills were controlling arrivals. In addition, steel mills’ voluntary production cuts during the Two Sessions affected operations, and daily average hot metal was on a downward trend, weakening rigid demand for coke. Overall, coke fundamentals remained unfavorable, and cost support was expected to weaken. In the short term, the coke market may remain in the doldrums. [SMM Steel]