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[SMM Daily Review on Coal and Coke] 20250314
Mar 14, 2025, at 7:57 am
[SMM Daily Review on Coal and Coke]
In terms of supply, most coke enterprises may face losses, but these remain within a bearable range, with only a small number of enterprises reducing production. Coke supply has slightly decreased. On the demand side, the end-use market is gradually recovering, leading to increased demand for steel, which has driven up pig iron production and daily coke consumption. Some steel mills have started to purchase and restock coke.
Coking Coal Market:
The price of low-sulphur coking coal in Linfen is 1,300 yuan/mt, while in Tangshan it is 1,390 yuan/mt.
Fundamentally, coal mines are maintaining normal operations, and the overall supply of coking coal remains ample. However, downstream purchasing enthusiasm is moderate, and order signing at coal mines has fallen short of expectations, leading to significant inventory accumulation at some mines. In summary, coking coal supply remains relatively ample. Coupled with the implementation of the eleventh round of coke price cuts, market participants are generally pessimistic, and there is still room for further price declines in the short term.
Coke Market:
The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,680 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,540 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,340 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,250 yuan/mt.
In terms of supply, most coke enterprises are operating at a loss, though within a tolerable range, with only a small number reducing production. Coke supply has slightly decreased. On the demand side, the end-use market is gradually recovering, driving increased demand for steel products, which in turn has led to higher pig iron production and increased daily coke consumption. Some steel mills have started purchasing coke to restock. In summary, while the fundamentals of the coke market are improving, the supply remains relatively ample. Coke inventories at coke enterprises remain high, and rumors of detailed crude steel production reduction policies to be released on March 15 are further dampening market confidence. The coke market is expected to remain stable with a weak trend next week, with the twelfth round of price cuts still anticipated to materialize.
