[SMM Coking Coal and Coke Daily Brief] 20260514

[SMM Coking Coal and Coke Daily Brief]

Coking coal market:

Linfen low-sulphur coking coal was quoted at 1,590 yuan/mt. Tangshan low-sulphur coking coal was quoted at 1,630 yuan/mt.

Coking coal side, mines maintained normal production, and coking coal production increase was limited. Ferrous metals futures fell, downstream buyers purchased as needed, traders mostly stayed on the sidelines, and order signing at mines was mediocre with low willingness to accept high-priced coal grades. However, some mines had sufficient earlier orders and a strong willingness to hold prices firm. In the short term, the coking coal market may remain temporarily stable.

Coke market:

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

Supply side, coking enterprises maintained certain profitability with moderate operating rates, and overall coke supply remained stable. Meanwhile, coking enterprises saw good shipments, with their own coke inventory at low levels. Demand side, daily average hot metal production at steel mills remained at high levels. Some steel mills with low coke inventory showed signs of urging deliveries, but most steel mills, after earlier procurement, had their own coke inventory at reasonable levels and purchased coke as needed. In summary, the current coke supply-demand structure remained in a tight balance phase, but coking coal and coke futures fluctuated downward, market sentiment pulled back somewhat, and the coke market may remain temporarily stable in the short term. [SMM Steel]