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[SMM Daily Review on Coal and Coke] 20250317
Mar 17, 2025, at 9:08 am
[SMM Daily Review on Coal and Coke]
In terms of supply, coal mines offered early concessions, with most coke enterprises operating near the break-even point, and only a small number showing willingness to cut production. Coke supply remained sufficient. On the demand side, end-use market demand improved, steel transactions were moderate, driving an increase in pig iron production at steel mills and higher daily coke consumption. Some steel mills began to restock coke through purchases. In summary, the fundamentals of the coke market improved, and as detailed crude steel production reduction policies have not yet been introduced, market participants' confidence in the coke market did not decline further. The coke market is expected to remain stable this week.
Coking Coal Market:
The quotation for low-sulphur coking coal in Linfen was 1,300 yuan/mt, while in Tangshan it was 1,390 yuan/mt.
In terms of fundamentals, coal mines maintained normal operations, and coking coal supply remained relatively ample. However, coke producers' profits were moderate, and steel mills' demand recovery was slow, with coking coal purchases still primarily on an as-needed basis. Coal mines continued to face sales pressure. In summary, while coking coal supply remained relatively ample, its price has approached the cost line, leading to a strong sentiment to stand firm on quotes from coal mines. In the short term, coking coal prices are expected to remain stable.
Coke Market:
The nationwide average price for Grade I metallurgical coke (dry quenching) was 1,625 yuan/mt, and for Quasi-Grade I metallurgical coke (dry quenching) it was 1,485 yuan/mt. The nationwide average price for Grade I metallurgical coke (wet quenching) was 1,290 yuan/mt, and for Quasi-Grade I metallurgical coke (wet quenching) it was 1,200 yuan/mt.
In terms of supply, coal mines offered early discounts, and most coke producers operated near the break-even line, with only a small portion showing willingness to cut production. Coke supply remained sufficient. On the demand side, end-use market demand improved, steel transactions were moderate, driving an increase in pig iron production at steel mills and higher daily coke consumption. Some steel mills began purchasing coke to restock. In summary, the fundamentals of the coke market improved, and with no detailed crude steel reduction policies released yet, market participants' confidence did not decline further. The coke market is expected to remain stable this week.
